CSAV secures $347 million loan facility to expand fleet

  • Seven new 9,300 TEU vessels in the pipeline

Compañía Sudamericana de Vapores (CSAV) has successfully completed a banking financing plan to expand its fleet with the purchase of seven new 9,300 TEU vessels.

The Chilean ocean carrier has agreed a loan facility for US$347 million with six banks, to be disbursed upon delivery.

“This is a very positive step that enables us to advance in increasing our own fleet, while showing the confidence of the financial market in the development and investment plan being implemented by the company”, said the chief executive officer of CSAV, Oscar Hasbún.

Funds provided by the loan facility will cover 60 percent of the total cost of the vessels, with the remaining 40 percent, or $330 million, provided by CSAV. The participant banks in this financing are the Export-Import Bank of Korea, Korea Exchange Bank, Korea Development Bank, Banco Santander-Chile, Citibank, N.A. and Deutsche Bank A.G. The Export-Import Bank of Korea will act as export credit agency, together with Korea Trade Insurance Corporation (Ksure).

Built by Korean shipyard Samsung Heavy Industries (SHI), the vessels are scheduled for delivery at the end of 2014 and will incorporate state-of-the-art technology to help CSAV significantly reduce bunker consumption and thus reduce fuel costs.

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