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CSAV in negotiations

CSAV in negotiations
Chilean container giant CSAV has been in negotiations with Korean and Taiwanese shipyards Samsung Heavy Industries and CSBC for a restructuring of the newbuilding programme.

Chilean container giant CSAV has been in negotiations with Korean and Taiwanese shipyards Samsung Heavy Industries and CSBC as well as its banks for a restructuring of the newbuilding programme.

Chilean container giant CSAV has been in negotiations with Korean and Taiwanese shipyards Samsung Heavy Industries and CSBC as well as its banks for a restructuring of the newbuilding programme put in place by former group president Roberto Claro in 2007.

CSAV ceo Juan Antonio Alvarez has altered the company's order for four 12,600 teu box ships worth $161m at Samsung Heavy Industries, replacing them with orders for five 8,000teu vessels worth $125m each. The delivery dates have also been pushed back from their original 2010-11 slots to now deliver in 2011-12.

A group of lenders led by BNP Paribas will finance these orders, in addition to two of three 6,300teu boxships already under construction at CSBC in Taiwan for $85m each.

The lenders agreed to finance 70% of the five 8,000teu vessels at LIBOR plus 350bps over 12 years. The first two 6,300teu vessels already under construction at Taiwan's CSB will also receive 70% financing at the same rate but for 10 years. Those vessels will be delivered with a seven month-delay from April 2010 to April 2011.

Finally, the financing for the third 6,300teu ship is still under negotiation, but CSAV notes that lenders were considering financing 65% of its value at the same rate for five years.

www.TurkishMaritime.com.tr

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