Hong Kong: North China Shipping held a signing ceremony of loan agreements for two 298,000dwt VLCC newbuildings in Hong Kong yesterday. The agreement, with Bayerische Hypo-Und Vereinsbank, Dvb Group Merchant Bank (Asia) and Skandinaviska Enskilda Banken is a feather in NCS's cap as it comes at a time when credit has proved extremely hard to come by. Additionally, the agreement has opened additional Asian doors for the European banks.
In a speech to those present at the ceremony, NCS chairman Gao Yan Ming, stated that the successful deals underline the banks' capital strength and their trust in NCS during such a challenging economic environment.
NCS is one of the biggest shipping companies in Hong Kong and currently operates over 150 vessels of over 15m dwt. [09/10/08]
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