Sovcomflot secures VEB funds for LNG-fueled MR tankers

Sovcomflot secures VEB funds for LNG-fueled MR tankersImage courtesy of Sovcomflot

Russia’s largest shipping company Sovcomflot and VEB.RF Group signed deals whereby VEB Leasing will finance the construction of three new LNG-fuelled MR tankers.

Sovcomflot initially placed the order for these three tankers with the Zvezda Shipyard at the end of December 2018.

The delivery of the vessels is scheduled for 2022-2023, Sovcomflot said in its statement.

Each tanker will have a deadweight of 51,000 tonnes and they are intended to transport petroleum products and gas condensate, operating under 20-year time charter agreements with Novatek.

The vessels will have an Ice Class 1B classification, enabling them to provide safe and reliable year-round transportation for hydrocarbons in challenging ice conditions, in particular within the Baltic Sea.

The vessels’ technical specifications have been designed to meet international regulations on emissions, which come into effect in 2020.

Commenting at the agreement signing, Sergey Frank, president and CEO of Sovcomflot, said, “The company already successfully operates six new-generation Aframax tankers, which are powered by LNG fuel. Five more LNG-powered vessels have been ordered by Sovcomflot from the Zvezda shipyard and will be built over the next few years.”

He added that VEB Leasing previously participated in financing the company’s Aframax tankers built at Zvezda.

 

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