NOL takes $150m loan for newbuildings

Singapore: Neptune Orient Lines (NOL) has taken a $150m term loan as part of its financing for two 10,000 teu newbuildings. NOL said its subsidiary APL Bermuda had agreed the $150m term loan with Overseas-Chinese Banking Corp and ING Bank's Singapore Branch. The loan is to partially finance two 10,000 teu newbuildings the company ordered in 2007. The vessels will be mortgaged as security on the loan. [21/07/10]