Singapore Shipping Corp secures US$16.5m term loan facility

SINGAPORE Shipping Corporation Limited said on Tuesday it has entered into a US$16.5 million seven-year term loan financing facility with a leading Japanese financial institution, which it did not name.

The term loan will be used to finance the acquisition of a Pure Car Truck Carrier vessel, one of two vessels which the company has said are scheduled for delivery by March 2015.

When it is delivered this month, the vessel will be chartered to a blue-chip shipping major, the company said.