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| FESCO shareholders vote to back containership newbuildings |
| POSTED: 8:37 a.m. EDT, June 1,2007 |
Siberia's Far Eastern Shipping Company (FESCO) shareholders have voted to support bank financing of US$181 million for four 3,091-TEU ships to be built at Poland's Stocznia Szczecinska Nowa yards, reported The Vladivostok Times.
Shareholders also approved two bank loans of US$90 million each for partial restructuring of the borrowing the company made in 2006 to acquire shares of Transgarant and NKK shipping companies.
The transaction will allow the company to cut the effective interest rate and extend the loan period, thus reducing short-term debt and improve its liquidity position.
FESCO also said that acquiring new ships is a step in the renewal of its fleet, and a strengthening of the company's position in the container shipping market. The new vessels will come into service from 2008 to 2010. |
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| From:schednet |
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