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NOL scoops new $300m loan

NOL scoops new $300m loan
Neptune Orient Lines' container unit has scooped a $300m loan from a Japanese-led banking syndicate.

NOL scoops new $300m loan.

Singapore-listed NOL will guarantee the credit facility from a group of lenders headed by Sumitomo Mitsui Banking Corporation.

In a statement NOL was coy about what liner arm APL intends to do with the funds, saying only the cash would be used for general corporate purposes.

Analysts say the loan is likely to help cover the cost of the shipowner"s newbuilding programme.

NOL has eight 10,000-teu vessels on order, with the contracts split between Daewoo Shipbuilding and Hyundai Heavy Industries.

www.turkishmaritime.com.tr

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