Jun 19, 2010

Trada Maritime seals loan from IFC

Sea transportation operator PT Trada Maritime Tbk (TRAM) has secured US$50 million of loan from International Finance Corporation (IFC) and a Japanese bank.
According to Kontan daily today, Trada Maritime will use the loan facilities, obtained by end of this month, to modify Lentara Bangsa tanker.
Trada Maritime's Finance Director Adrian E. Sjamsul said the loan facilities charge the company with annual interest rate of 4.5% on average for 7 year period. "We hope we can enter into loan agreement with the creditors in the next two weeks," he said.
Lentera Bangsa, a  tanker equipped with floating storage and offloading facilities (FSO), is under modification process in Hangzou, China, since February. Trada hopes Lentera Bangsa to operate early next year.
Adrian said the tanker modification is required to meet US$114.8 million contract from CNOOC SES Ltd for leasing and operating of the tanker facilities in 7 years.
Trada Maritime now owns and operates 36 tankers consisting of 5 units equipped with FSO, 6 oil tanker, 13 tug boats, and 12 small ship.

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