Financing secured for the extension of the 4 C-Class vessels

1/31/2013 10:35 AM EST

In the Q3 2012 Report Siem Shipping explained that it 
was lengthening 4 C-Class vessels based on seven-year 
charter commitment from an existing client. The 
project, which is estimated will cost around USD10 
million per vessel, includes inserting a container 
hold and among others, new cranes to make the vessels 
more flexible and competitive. The Company has now 
secured USD35 million of financing from Siem 
Industries, 76.1% owner of Siem Shipping. The 3.5 
years unsecured loan carries an interest of 3-Months 
Libor plus a margin of  8.5%  p.a. and the other 
terms and conditions are more favorable to Siem 
Shipping than indicative offers from other 
potentially available financing sources. The balance 
of the  investment will be financed by internally 
generated funds. 

31 January 2013