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KfW IPEX-Bank participates in financing for first six Aframax tankers powered by LNG

News from 2018-04-17 / KfW IPEX-Bank

A consortium of six international banks including KfW IPEX-Bank, ABN AMRO Bank, BNP Paribas, Citibank, ING Bank and Societe Generale provides a new USD 252 million 7-year credit facility for PAO Sovcomflot (SCF Group). By providing this financing, KfW IPEX-Bank is supporting exports from Germany and Europe as some parts to be fitted on the tankers will stem from suppliers in Germany's maritime industry as well as that of other European countries. The six tankers will help ensure Europe's supplies of raw materials since they will primarily ship crude oil to Rotterdam.

The funds will be used towards financing a series of six Aframax tankers, the first-ever such vessels purpose-designed to be powered by LNG, currently under construction and due for delivery from Q3 2018 to Q2 2019. These innovative vessels set new environmental standards for the global tanker industry through adopting cleaner-burning LNG as a primary fuel for Aframax tankers.

Each 114,000-deadweight tanker will have an ice class 1A hull, enabling safe year-round export operations from regions with challenging ice conditions, such as the Baltic. Two vessels will work exclusively for Shell under time-charters for up to ten years, while Shell will also provide LNG fuel for all the six tankers in the series across North West Europe and the Baltic.

The credit facility benefits from a favourable long-term tenor and competitive pricing, reflecting the robustness of the deal structure as well as the ability of SCF Group to raise capital internationally under all market conditions.

About Sovcomflot
PAO Sovcomflot (SCF Group) is one of the world's leading shipping companies, specialising in the transportation of crude oil, petroleum products, and liquefied gas, as well as servicing offshore upstream oil and gas installations and equipment. The Group’s fleet comprises 147 vessels with a total deadweight of 12.7 million tonnes. The company is registered in St. Petersburg with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, and Dubai.

The Group offers a wide range of vessels in the market segments most demanded by major Russian oil and gas companies. With its own technical development and unique approach to advanced technologies, Sovcomflot can meet the most demanding customer requirements, providing effective transportation for oil & gas companies.




Antje Schlagenhaufer


+49 69 74 31-4009


+49 69 74 31-8536


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