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November 11, 2009

STX Pan Ocean to Invest in Carriers

Singaporean shipping line STX Pan Ocean plans to invest $880m in eight very large ore carriers, to be delivered by 2012. The company will issue $200m in convertible bonds, with 50% of the proceeds to be used for the purchase of vessels. The bonds are expected to mature five y

By cms admin

Singaporean shipping line STX Pan Ocean plans to invest $880m in eight very large ore carriers, to be delivered by 2012.

The company will issue $200m in convertible bonds, with 50% of the proceeds to be used for the purchase of vessels.

The bonds are expected to mature five years from the date of issuance and will carry a coupon between 3% and 5%.

The company’s investment aims to meet the needs of a long-term contract entered with miner Vale International in September.

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