SINGAPORE - A wholly owned subsidiary of Atlantic Navigation Holdings (S) has secured a seven-year term loan of up to US$29.8 million from its banker in the United Arab Emirates.

Atlantic Navigation said that the loan will finance the acquisition of seven new vessels to support long-term charters worth US$236 million awarded by a national oil company in the Middle East.

The listed company has already drawn down US$20.4 million of the loan to pay for the first five of the seven vessels. These five vessels are on their way to the Middle East to fulfil their charters with the said client.