STX Pan Ocean Co. got loan from Export-Import Bank of Korea
Export-Import Bank of Korea gave a $510 million for South Korea’s largest commodities shipping company, STX Pan Ocean Co. It also got 8 overseas lenders to pay for some of the vessels it ordered. STX Pan Ocean said in an e-mailed statement the shipping line signed the deal today with China Development Bank Corp., Export-Import Bank, DnB NOR Bank ASA, ABN Amro Bank NV, Deutsche Schiffsbank AG, ING Bank NV, Standard Chartered Bank Plc, BNP Paribas SA, and Credit Industriel et Commercial.
The funds used to pay for 16 of the 20 vessels it will deploy for service starting next year under a 25-year contract with Fibria Celulose SA of Brazil. STX Pan Ocean says it may generate $5 billion in sales. STX Pan Ocean said it expects to secure financing for the remaining ships. In December, to build 20 57,000 deadweight vessels at its yards in Dalian in China and Jinhae, South Korea, STX Pan Ocean awarded a $912 million contract to STX Offshore & Shipbuilding Co.
Shares of STX Pan Ocean have lost 24 percent this year, compared with 11 percent decline in the benchmark Kospi Index. The stock dropped 2.7 percent to 8,650 won as of 1:01 p.m. in Seoul.