Eurofin brought together the five European banks which have syndicated a $440m facility to Istanbul-based Kiran
Holdings. It is the largest ever ship finance loan made to a Turkish shipping company. The loan will cover orders for six new bulkers at
Chinese yards.
The $440m loan includes $100m of performance guarantees connected to the newbuilding programme. It is a syndicated loan led by the Royal Bank of
Scotland (RBS). Dekabank Deutsche Girozentrale, Lloyds TSB Bank, Fortis Bank and Deutsche Schiffsbank are all part of the syndication. The loan covers orders for two supramax and two kamsarmax bulkers at Wujiazui Shipbuilding and two capesizes at Jiangsu Rongsheng Heavy
Industries. The Kiran group controls nineteen bulk carriers and general cargo ships.