US Shipping refinances

US Shipping Corp has re-priced a major loan that will significantly reduce its interest rate, the tanker owner has announced.

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Chief financial officer Al Bergeron said the refinancing of the senior secured loan will bolster the company’s finances.

“Our operational performance combined with a favourable interest rate environment allowed us to reduce our borrowing cost which will significantly improve the company’s balance sheet,” he said.

The company did not disclose details of the transactions, and a spokeswoman could not be immediately reached.

Led by chief executive Mike Ryan, New Jersey-based US Shipping controls a fleet of seven tankers and tank-barge units. All trade under the US cabotage law known as the Jones Act.

In May, Moody’s raised the shipowner’s corporate credit and default probability ratings to B3 from Caa1. The rating on its senior loan rose to B2 from B3.

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