Navigation Finance Closes 8-year Deal on Rio Tinto Panamax

Details are very sketchy, but we understand from market sources that NFC’s Al Rubban Fund has closed an 8-year bareboat on the 1996-built panamax bulker Endeavour owned by Pratap Shirke’s PanOceanic Bulk Carriers. Close watchers of the high yield fiasco of the late 1990s will recall that the ship was part of the PanOceanic fleet, which issued bonds through Chase in 1997 and were the first to restructure with a $0.75 settlement. As we understand this deal, NFC purchased the ship from Shirke and bareboated it back to him, after which time Shirke then bareboated the vessel to mining giant Rio Tinto, which then hired Shirke to perform technical management. Debt on the deal, which we assume was at least 90% of the purchase price thanks to an 8-year deal with a credit like Rio Tinto, was provided by Bank of Ireland.

This is only an excerpt of Navigation Finance Closes 8-year Deal on Rio Tinto Panamax

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.

Existing Users Login
Username
Password

Related Archive Files

• No Related Post