KARACHI (July 18 2010): Pakistan National Shipping Corporation has finalised a deal with two banks for $165 million loan, Business Recorder learnt Saturday. The money would be used for the upgradation of PNSC's ageing fleet through the induction of at least five bulk cargo ships.
According to official sources, the Corporation had negotiated with the Standard Chartered Bank for a credit facility of around $130 million. They said the two sides had signed the 'papers' and the evaluation of some modalities by the bank was in final stages. Around $30 million of the total $130 million would be given to the national flag-carrier under the head of long-term financing, the sources added.
According to sources, ECO Bank, owned by member countries of the Economic Co-operation Organisation countries, was the second financier of PNSC and would lend the Corporation $35 million. They said the interest rate for the payback was agreed to be set at London Interbank Offered Rate of 1.7 percent.
The sources told Business Recorder that PNSC had invited offers from international shipbrokers enlisted with the Baltic Exchange for the acquisition of two panamax, two supramax and one handymax bulk carrier that are, preferably, Japanese-built and ageing up to 10 years. According to tender specifications, the panamax vessels should be of approximately 70,000 to 80,000 MT dead-weight tonnage and 14 meters draft, while the handymax ship should weigh between 45,000 and 55,000 MT DWT with 12 meters draft.
According to official sources, the Corporation had negotiated with the Standard Chartered Bank for a credit facility of around $130 million. They said the two sides had signed the 'papers' and the evaluation of some modalities by the bank was in final stages. Around $30 million of the total $130 million would be given to the national flag-carrier under the head of long-term financing, the sources added.
According to sources, ECO Bank, owned by member countries of the Economic Co-operation Organisation countries, was the second financier of PNSC and would lend the Corporation $35 million. They said the interest rate for the payback was agreed to be set at London Interbank Offered Rate of 1.7 percent.
The sources told Business Recorder that PNSC had invited offers from international shipbrokers enlisted with the Baltic Exchange for the acquisition of two panamax, two supramax and one handymax bulk carrier that are, preferably, Japanese-built and ageing up to 10 years. According to tender specifications, the panamax vessels should be of approximately 70,000 to 80,000 MT dead-weight tonnage and 14 meters draft, while the handymax ship should weigh between 45,000 and 55,000 MT DWT with 12 meters draft.
-www.brecorder.com
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