STX Pan Ocean snaffles Bank of China funds for bulker buy

Beijing: Bank of China has announced it is granting US$179.55m credit to South Korea's STX Pan Ocean to purchase three 176,000dwt bulk cargo vessels from Chinese yard New Times Shipbuilding Co, reports Asia Pulse.

The bank says the funds are being made available as Export buyer's credit, a medium- or long-term credit to a foreign borrower for importing goods from China, in order to enhance China's exports of goods and services.  [28/12/09]