In February 2019, Fleetscape agreed to acquire five aframax tankers and five suezmax tankers built 2009-2012 in sale and leaseback transaction with Advantage Tankers LLC (“Advantage”).
Total acquisition price was US$323 million. The vessels were leased back to the seller on a five-year basis with a purchase obligation at maturity. The vessels, which are time chartered to an international oil company, were financed by a US$190 million senior syndicated loan led by Crédit Agricole Corporate and Investment Bank and BNP Paribas and a US$75 million junior loan led by Fleetscape.
Fleetscape has subsequently increased the financing transaction by US$16.4m to fund the installation of scrubbers on seven of the vessels.
Established in 2014, Advantage acts as a holding company for thirteen single-purpose vessel owing entities; its majority shareholder is Mrs Nazli Williams. Advantage is incorporated in the Republic of the Marshall Islands with executive offices in Geneva and London.