Credit Lyonnais wins Q-Ship financing

01 December 2003
Credit Lyonnaishas been awarded the financing mandate for the fleet expansion programme of Qatar Shipping Company (Q-Ship). The loan will be 70 per cent covered by Korea Export Insurance Corporation, South Korea?s export credit agency. Syndication is scheduled to be launched by the end of the year.

The $220 million debt package will be used to finance the acquisition of six Aframax tankers and two liquefied petroleum gas (LPG) tankers, all under construction by South Korean firms. Hyundai Heavy Industriessigned a QR 800 million ($220 million) deal to build the Aframaxes in July. STX Shipbuilding Companyis constructing the LPG tankers. The other shortlisted bidder for the financing mandate was ANZ Investment Bank, also backed by Korean export credits (MEED 10:10:03).

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