Aker American Shipping SecuresFinancing for Tankers

Senior secured credit facility of $770m with Fortis closed at delivery of first tanker Aker American Shipping has, concurrently with the delivery of the first Product Tanker, closed a senior secured credit facility of $770m with Fortis as Agent, financing its long term ownership of the first 10 vessels. The facility secures permanent financing for the first 10 product tankers and provides for an advance of $80m per vessel. The facility refinances the $350m facility currently in place for the first five product tankers that provided for an advance of $70m per vessel. AKASA has also entered into interest rate swaps, which secure the interest rate of the new credit facility.