HMM has secured financing worth US$584M from Standard Chartered to purchase eight 16,000-TEU container ships
The credit facility is guaranteed by the government-owned Korea Ocean Business Corporation for the liner operator. All eight vessels were built at Hyundai Heavy Industries’s Ulsan shipyard and delivered in June this year as part of HMM’s fleet expansion programme.
Standard Chartered said the transaction is one of its largest bilateral shipping finance transactions, with the bank acting as the sole mandated lead arranger, sole lender, account bank, facility agent and security agent.
Standard Chartered global head of shipping finance Abhishek Pandey said “This landmark transaction demonstrates our continued commitment to the shipping industry, especially at a time when global trade is recovering from the impact of the Covid-19 pandemic. We are pleased to have secured all the leading roles on a sole basis, where we were able to lend our expertise and resources to support HMM as it expands and grow its businesses internationally.”
Each ship is fitted with an open-loop scrubber system embedded with hybrid-ready technology and selective catalytic reduction technology to reduce nitrogen oxide emissions by 80% or more, compared with the industry average.
An unnamed HMM official said, “Our newly ordered container ships have been fitted with the latest energy-efficient technologies. We expect these ships to give us strong environmental credentials, and provide us with the capacity and flexibility to get our customers’ cargo to the right place at the right time.”
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