Hong Kong bulker owner Sinotrans Shipping has continued its move into financing in a deal with Bank of America (BoA). Sinotrans Shipping said it has bought loans worth nearly $38m that finance four VLCCs controlled by Nanjing Tanker. Two of the vessels were built in 2009 and two in 2011.
Sinotrans Shipping paid $33.22m to Bank of America and will receive interest of Libor plus 0.47% for part of the loan and Libor plus 0.7% for the rest, payable by the bank. Sinotrans Shipping said it was lending $10m to sister Sinotrans & CSC group company CSC at 1.2% interest.
Dry Bulk Shipping News - Shipbroker Notes