The Russian tanker owner borrowed $700m which will be repaid over a seven-year period to Citibank, Bank of America Merrill Lynch, BNP Paribas, DVB, ING, Nordea, SEB and Morgan Stanley.

The loan, which is secured against the 34 crude oil and product tankers in its fleet, will be used to refinance the company’s existing bank debt as well as for other corporate purposes.

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