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Teekay lands $1bn worth of loan facilities from China EximBank

Teekay lands $1bn worth of loan facilities from China EximBank
Tanker owner Teekay Corporation has landed a up to $1bn in new loan facilities from The Export-Import Bank of China under a framework cooperation agreement.

The loan facilities would be used to finance the construction or conversions of vessels from ships constructed in China over the next three years.

The funds would be made available to Teekay and its subsidiaries, including Teekay LNG Partners, Teekay Offshore Partners and Teekay Tankers.

“We anticipate that the shipyards in China will become an increasingly important supplier of vessels for Teekay, as we have seen recently with the construction of Teekay Offshore’s Units for Maintenance and Safety in China,” commented Vince Lok, executive vice president and chief financial officer of Teekay.