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Merchants Energy Shipping Signs USD510bn Loan Agreement

June 30, 2014

SHANGHAI, June 30, SinoCast -- China Merchants Energy Shipping Co. (SHSE: 601872) said its wholly-owned overseas subsidiary China Merchants Energy Shipping Investment Co. signed an agreement with Export-Import Bank of China over USD 510 million loans in Hong Kong. The loans will be used to pay 60% of consideration of 10 very large crude carriers (VLCCs). Term is 10 years.

The loans is mortgage ones and will be gained in accordance with implementation of the shipbuilding contract.

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Source: Sinocast Transportation Beat (China)

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