The Board of Directors of Atlantic Navigation Holdings (Singapore) Limited announced that the Group had entered into a revised Facilities Agreement to include a new medium term loan of up to USD 20.0 million (the "New MTL") in aggregate with one of its principal bankers in the Middle East on 16 March 2023. Secured against one of the vessels of the Group (the "Refinanced Vessel"), the proceeds from the New MTL shall be utilised mainly for the repayment of loan outstanding of USD 5.0 million to another bank as at 28 February 2023 in relation to the Refinanced Vessel, and the remaining amount for general corporate purposes including potential acquisition of vessels within a 9-month availability period. The New MTL of up to USD 20.0 million in aggregate is for a tenure of 5-year repayment period from the date of initial drawdown.

While the market reference rate being variable is higher than it was at the current interest rate environment compared to one year ago, the fixed interest rate margin in relation to the New MTL is slightly lower than its recent secured loans.