Nanjing Tanker Corporation has placed two of its tankers as collateral to borrow RMB400m ($63m) from CMB Financial Leasing, the company said in a regulatory filing.

The deal, involving panamax tanker Yong Xing Zhou and MR tanker Chang Hang Tan Suo, was agreed in the form of a leaseback with the financial institution over an eight-year period.

Shanghai-listed Nanjing Tanker explained that the loan will support daily working capital and give flexibility to debt structure, enhancing the company's short-term repayment capability.

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Source: Seatrade-asia