Latest news from Heavy Lift & Project Forwarding International Magazine

STX Pan Ocean signs syndicated loan deal to invest in new vessels

September 14 - South Korea's STX Pan Ocean has succeeded in obtaining a sizeable loan from a group of domestic and overseas lenders to finance new vessel orders.

The company revealed the USD510 million syndicated loan offered by nine key banks during a signing ceremony at the Millennium Hilton Hotel in Seoul, South Korea.

The loan will be used to build 20 ships and will cover 70 percent of total expenses, which amounts to 16 out of 20 vessels. Funding for the remaining four vessels will be secured gradually, at a later date.

The syndicated loan was offered by nine banks - the Korea Export-Import Bank of KoreaChina Development Bank CorpABN Amro BankDnB NOR BankDeutsche SchiffsbankBNP ParibasING BankStandard Chartered Bank, and Credit Industriel et Commerciel.

By successfully financing the purchase of new vessels, STX Pan Ocean says that it has lifted the cloud over its funding uncertainties. Meanwhile, the long-term contract will allow the company to further streamline and reinforce its profit structure, starting 2012.

Heavy Lift | News

Sims Crane appoints Lester thumbnail image

Sims Crane appoints Lester

July 19 - Florida’s Sims Crane & Equipment has named Jared Lester as its business development manager. 
Views: 295
ITI and FHS to open Florida training centre thumbnail image

ITI and FHS to open Florida training centre

July 19 - Florida Handling Systems (FHS), a Mazzella Company, and Industrial Training International (ITI) have confirmed that they will develop a training centre in Bartow, Florida.
Views: 339

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.