Shipping Lines Seek Cash for LNG Vessels

2 December 2009 (Last Updated December 2nd, 2009 18:30)

Hanjin and three other South Korean shipping lines have agreed to borrow $630m to refinance liquefied natural gas vessels. Korea Line, Hanjin, Hyundai Merchant Marine and SK Shipping will each get ten-year loans from 13 lenders, according to unnamed sources speaking to Bloomberg

Hanjin and three other South Korean shipping lines have agreed to borrow $630m to refinance liquefied natural gas vessels.

Korea Line, Hanjin, Hyundai Merchant Marine and SK Shipping will each get ten-year loans from 13 lenders, according to unnamed sources speaking to Bloomberg.

The marine service companies will sign the contracts during mid-December, according to the report.

The Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Standard Chartered and Societe Generale are the leading banks to provide nearly $505m through a club loan.

The Korea Development Bank is expected to underwrite the balance.