Korea’s STX Pan Ocean is setting up four special purpose companies (SPCs) to finance part of its massive newbuilding programme.



POS Maritime BZ, POS Maritime CZ, POS Maritime DZ and POS Maritime EZ will each owe $23.03m to banks and STX Pan Ocean will guarantee this amount.



“The period of debt guarantee will be from commencement of loan agreement to eight years after the delivery of each vessel,” it said.



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