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Yang Ming to issue $151m

Yang Ming to issue $151m
Taiwan?s largest container line, Yang Ming Marine, will issue T$5bn ($151m) five-year bonds in order to refinance its debts.

Yang Ming seeks $151m to refinance debts.

Taiwan"s largest container line, Yang Ming Marine, will issue T$5bn ($151m) five-year bonds in order to refinance its debts.

A Yang Ming Marine spokesman told Lloyd"s List the bond issue was part of a plan to pay T$10bn in debt due to be settled next year. The remainder would be paid by the company"s internal financial resources.

He said the company"s financial position was healthy and was unlikely to carry out further fundraising in the near future.

Yang Ming Marine pushed back the delivery of 14 boxships at CSBC Corp, Taiwan"s largest shipyard, by six months to 15 months last July. The spokesman said it had no urgency to tap the market to finance the orders.

The company expects to post a profit for 2010 in anticipation of the recovery of the US routes. The company"s working capital was set between T$2bn and T$3bn for 2010, he added.

www.turkishmaritime.com.tr

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