Korean banks secure new ships for CSAV

Chilean CSAV has secured lending agreements worth USD 347 million from six different banks and can now complete the purchase of seven container ships, a purchase that probably otherwise would have failed.

BY KATRINE GRØNVALD RAUN

Published: 03.10.13 at 14:53

CSAV has now managed to secure loans for new container ships, a purchase that was threatened by poor finances. Six banks have agreed to put up lending facilities for a total of USD 347 million for the carrier, which is now able to complete the acquisition of seven new 9,300 teu container ships that are under construction at Korean shipyard Samsung Heavy Industries, says the carrier in a press release.

And the loans were primarily secured through Korean banks, including The Export-Import Bank of Korea, Korea Exchange Bank, and Korea Development Bank. The other three banks are Banco Santander-Chile, Citibank, and Deutsche Bank.

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