Singapore-listed Rickmers Maritime has received financing for US$627 million of the $1.3 billion it needs for the first nine 4,250-TEU vessels in its shipbuilding plan.
Beyond these nine panamax newbuildings, Rickmers needs to finance four 13,100-TEU ships for 2010 delivery, and bound for long-term Maersk charters.
A global credit crunch has raised concerns among analysts and investors that Rickmers could secure the loans needed, reported Lloyds List. Financing comes in a $497.5 million in loans from BNP Paribas, HSH Nordbank, DBS and Citibank among others.
"Despite the challenging financial environment, we have now proven to our investors that the credibility of Rickmers Maritime is as strong in global financial markets as it is in the shipping market," said Rickmers Trust Management CEO Thomas Preben Hansen.
Rickmers still must raise 20 per cent of the US$1.3 billion total from equity sales, as debt financing covers only 80 per cent of a newbuilding's value as a rule.
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