Tuesday, October 16, 2012

[Marine] KDB finances 10 VLOCs

KDB finances 10 VLOCs

Korea Development Bank revealed on October 12 that it provides finances for domestic medium-sized Polaris Shipping for sale and lease back of 10 300,000-dwt very large ore carriers.

Now Polaris will carry out the 12-year long-term transportation contract signed with Brazil's Vale group, as in accordance with the plan.

The Korean shipping company will earn up to around $4bn by operating 10 VLOCs.

An official from KDB said "Amid troubled shipping market, we successfully came to finance Polaris and will be a strong supporter."


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{C}{C}Published : October 15, 2012


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