Cosco, STX to Receive Chinese Loan

The Bank of China will provide a $92m loan to Cosco Zhoushan Shipyard as credit for export to finance STX's bulk carrier newbuild programme. The South Korean shipping group had previously ordered four 57,000dwt bulk carriers from Cosco Zhoushan Shipyard of China.
The bank will establish a syndicate with ING Bank NV and its compatriot Bank of China Liaoning Branch to extend the loan.
The loan has been extended for eight years, while China Export and Credit Insurance Corporation will offer insurance for the loan, according to asiasis.com.