Western Petroleum in $276m Deal with BNP and Credit Suisse

BNP Paribas and Credit Suisse are helping Western Baltic bring its parent company, oil-trader Western Petroleum, into the newbuilding market with a $276 million long-term loan, which has also been syndicated out to Nordea, Calyon and Hypovereinsbank. On order by Western Petroleum are three 116,000 dwt vessels at Hyundai Heavy Industries and six ice-class 53,000 dwt products tankers at Hyundai Mipo said to cost around $350 million all together.

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