NewOcean Energy strengthens operations with $23 million loan facility

Hong Kong-listed NewOcean Energy Holdings Limited (NewOcean), the parent company of bunkering firm NewOcean Fuel, on Wednesday (18 December) entered into a USD 23 million term loan facility to finance the general working capital requirements of the Group, it said.

The loan to be made to NewOcean upon utilisation of the facility will be repayable in five instalments, 10% of the utilisated amount is repayable on the date which falls 12 months after the date of first drawdown, 20% of the utilisated amount is repayable on the date which falls 18 months after the date of first drawdown, 30% of the utilisated amount is repayable on the date which falls 24 months after the date of first drawdown, 30% of the utilisated amount is repayable on the date which falls 30 months after the date of first drawdown, and the remaining 10% of the utilisated amount is repayable on the date which falls 36 months after the date of the first drawdown.

The interest rate of the term loan is London Interbank Offered Rate plus 2.8% per annum.

Related: NewOcean Fuel charters two more bunker tankers for Singapore Straits ops
Related: NewOcean Energy net profit increases to USD 47.24 million in 1H 2019
Related: NewOcean charters VLCC to support Singapore bunker ops

Photo credit: NewOcean Energy Holdings Limited 
Published: 19 December, 2019