Wisdom Marine Takes Loan for Japanese Orders

Wisdom Marine Group signed a two-tranche syndicated loan agreement for $5.92 million (USD) and ￥11.88 billion ($119.43 million, USD) with six domestic banks to finance its orders with three Japanese shipbuilders, Taipei Times reported.

The syndicated loan was co-led by First Commercial Bank and Bank of Taiwan, with participating loans from Taiwan Cooperative Bank, Hua Nan Commercial Bank, Bank SinoPac and Bank of Kaohsiung.

Wisdom Marine and its subsidiaries placed orders with three Japanese shipbuilders Oshima Shipbuilding Co Ltd, Sasebo Heavy Industries Co Ltd and Tsuneishi Shipbuilding Co Ltd to build six bulk vessels. Delivery is anticipated sometime between this year and 2015.

Wisdom Marine also signed a 15-year rental contract for two of the six vessels with Kawasaki Kisen Kaisha Ltd, while another two ships are already chartered by European integrated commodities producer Glencore International PLC.

TaipeiTimes.com