CSSC Shipping Secures USD 245 Mn Loan for Six Bulkers

Image Courtesy: CSSC

CSSC (Hong Kong) Shipping, a ship owning and leasing arm of China State Shipbuilding Corporation (CSSC), has entered into a USD 245 million ten-year club senior secured loan to finance the construction of six Newcastlemax bulk carriers.

Led by Standard Chartered Bank and Bank of America, who were joined by Société Générale, the facility was provided to the company.

This transaction is the first international syndicated financing for China’s shipbuilder CSSC Group, which is owned by the the country’s Assets Supervision and Administration Commission of the State Council.

CSSC Group consists of some 60 enterprises and shareholding institutions, including shipbuilding and shiprepairing yards, research and design institutes,marine-related equipment manufacturers and trading firms in China.

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