Neptune Orient Lines formed a new wholly owned subsidiary called Triton Shipping in Singapore to arrange financing for two new vessels with capacities of 10,000 20-foot equivalent units that it ordered in July 2007.
The Singapore-based parent of container line APL said Monday that Triton Shipping has entered into a secured term loan facility agreement to borrow $150 million from the Bank of Tokyo-Mitsubishi as original lender, arranger, facility agent and security trustee to partially finance its acquisition of the two new ships.
NOL said it will provide a guarantee for the loan and that Triton Shipping will acquire the two ships when the shipyards deliver them.
NOL’s announcement came after its CEO, Ron Widdows, said last week that APL will charter up to 10 ships this year, each capable of carrying as much as 6,000 TEUs, to meet rising demand. He said the company also plans to return its last 10 idled ships to service by about June.
The financial transactions announced Monday are not expected to have a material effect on the net asset value of NOL Group, on a pro forma basis, as of the last financial year end, NOL said in its announcement.
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