Bank of China finances STX Pan Ocean's bulkers

The Bank of China will provide a $92m loan to Cosco Zhoushan Shipyard as credit for export to finance STX Pan Ocean'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. 
Seperately STX Pan Ocean plans to raise KRW200bn ($177m) from a domestic bond issue, the company said Tuesday. 
The three-year non-convertible bond, which will carry a fixed coupon of 4.9%, is due to be issued on 27 October.