Tradewinds: Gunvor Seals Fresh Finance

“Gunvor has secured a new one-year $635m syndicated revolving credit facility, the Russian oil trader has confirmed. ‘The facility was initially launched at $470m and closed oversubscribed by 35%,’ Gunvor chief executive Torbjorn Tornqvist said . . . . [Gonvor]  is estimated to be the world’s fourth-largest oil trader and is reckoned to handle about one-third of Russia’s seaborne oil exports. The Geneva-based outfit is best known for its tanker activities out of Russia through wholly owned chartering outfit Clearlake Shipping. Last year Clearlake was just outside the top ten of largest spot charters of dirty tankers, according to figures compiled by Poten & Partners. It was the sixth largest spot charterer of aframax tankers and the tenth largest spot charterer of panamax tankers. In 2010, the most recent figures available, it Clearlake was among the top ten largest charters of clean tanker tonnage. Shell was number one.”