The acquisition of the newbuildings will be financed 60% with bank loan, while 40% will come from the $330m capital increase recently obtained by the company.


The financing package involves Export-Import Bank of Korea, Korea Exchange Bank, Korea Development Bank, Banco Santander-Chile Citibank, and Deutsche Bank. The Export-Import Bank of Korea acts export credit agency jointly with Korea Trade Insurance Corporation.

"This is a very positive step that allows us to advance in our strategy of increasing its own fleet and also demonstrates the market confidence in the plan of development and investment that is driving the company," said Oscar Hasbun, CSAV ceo.

 The new ships, that will reduce significantly CSAV fuel costs, will be built by the Korean shipyard Samsung Heavy Industries (SHI) and will begin to be delivered by the end of 2014.
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