STX Pan Ocean Co. has secured a loan of $510 million, Bloomberg reports. The South Korean commodities shipping company has received the loan from Export-Import Bank of Korea and eight overseas lenders.
The lenders include China Development Bank Corp., ABN Amro Bank, DnB NOR Bank, Deutsche Schiffsbank, BNP Paribas, ING Bank and Standard Chartered Bank. The company intends to use the proceeds to pay for 16 of the 20 vessels it will deploy for service starting next year under a 25-year contract with Fibria Celulose of Brazil.
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