The five-year bond is guaranteed by Bank SinoPac, according to U-Ming's regulatory filing to the Taiwan Stock Exchange.

As of 31 March 2012, Taipei-listed U-Ming stood on liabilities of NT$8bn.

The shipping company is also actively seeking to replace its older and less fuel efficient ships through acquisitions and disposals, according to C.K. Ong, president of U-Ming.

The company had just sold a capesize bulk carrier last week and is planning to sell two or three more aging panamax or capesize. On the other hand, it has signed a deal to purchase four capesizes with an option for six more in February.

http://www.turkishmaritime.com.tr/

source: seatrade-asia