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December 2, 2009

Shipping Lines Seek Cash for LNG Vessels

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

By cms admin

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.

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