Evergreen secures $824m newbuild loan

Taiwan's Evergreen Marine has signed a $824m syndicated loan agreement with nine domestic banks to fund its ten newbuildings.

Taiwan’s Evergreen Marine has signed a $824m syndicated loan agreement with nine domestic banks to fund ten vessel newbuilds.

The company said that the loans, repayable over ten years, will be used to build ten 8,000teu post-panamax vessels, which were ordered in May 2011 with state-owned shipyard CSBC.

The vessels are scheduled to be delivered from CSBC’s Kaohsiung yard between 2013 and 2015.

The syndicated loan was arranged by Bank of Taiwan, Land Bank of Taiwan, Taiwan Cooperative Bank, Taipei Fubon Commercial Bank and E.Sun Commercial Bank, plus four financial institutions.