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STX Pan Ocean explains newbuild financing technique

Seoul: Korea's STX Pan Ocean is to set up six special purpose companies to finance newbuilding orders already placed. ?The Seoul- and Singapore-listed shipowner said Wednesday in a regulatory filing that the new companies would owe debt to financial institutions, which would be guaranteed by STX to the amount of KRW402.3bn ($358m). ?The period of debt guarantee would be between eight to 12 years after the delivery of the vessels. ?STX recently ordered a series of open-hatch general cargo carriers and kamsarmax bulk carriers from its sister company STX Offshore & Shipbuilding.  [06/01/11]

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