Northern’s Exposure

By Kristen Laird

In June, DVB/Northern Navigation’s joint venture, Navigation Finance Corp. (NFC), purchased 1999-built aframax Pacific Libra (105,000dwt) from Mitsubishi interests for $33.5 million. The equity/mezzanine finance shop NFC immediately put the ship into a five-year bare- boat charter with Sanko for $11,000 per day, giving Sanko a $16,500 breakeven rate at which it can charter out the vessel if it so chooses – about $2,000 per day

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