Chinese Bank to Fund Cosco Shipyard

26 October 2010 (Last Updated October 26th, 2010 18:30)

The Bank of China has agreed to fund $92m to Cosco Zhoushan Shipyard in China to finance STX Pan Ocean's bulk carrier order. The bank will provide the eight-year loan by forming a syndicate with Bank of China Liaoning and ING Bank. The South Korean shipping group had earlier o

The Bank of China has agreed to fund $92m to Cosco Zhoushan Shipyard in China to finance STX Pan Ocean’s bulk carrier order.

The bank will provide the eight-year loan by forming a syndicate with Bank of China Liaoning and ING Bank.

The South Korean shipping group had earlier ordered four 57,000dwt bulk carriers from Cosco Zhoushan Shipyard.

China Export and Credit Insurance Corporation will insure the loan, according to seatradeasia-online.com.