Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Korea Line finds Japanese salvation

Korea Line finds Japanese salvation

Seoul: Korea Line Corporation (KLC) has secured a fund worth around 212.8 billion won (roughly 16 billion yen) from a Japanese financial institution for selling off a number of capesizes, the Maeil Business Newspaper has reported, giving a financial lifeline to Korea's fourth largest shipping line.
In addition, KLC disclosed that it has decided to issue a 100 billion won worth of Asset Backed Loan (ABL) maturing within three years from local banks in order to secure its operating fund at an early stage and for the fund to spread.
Korea Line had been the nation's most profitable shipping firm in 2007 but found itself caught in a number of charter party issues as the global financial crisis kicked in last September. [15/04/09]


Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish