STX Pan Ocean is putting in place debt guarantees for almost $360m to finance its huge orderbook.
The South Korean diversified shipowner is in the process of establishing six special purpose companies to help finance ships already on order.
“In connection with this, the SPCs will owe debt to financial institutions for ship financing and the company will guarantee the financial institutions for the SPCs’ borrowing amounting to $358,575,000 in total,” it wrote in a regulatory filing on Wednesday.
“The
