Trada Maritime obtains $50m loan to modify ship to FSO
Saturday, July 24 2010 - 02:34 AM WIB
PT Trada Maritime Tbk (TRAM) has secured loan worth US$50 million from the International Finance Corporation (IFC) and the Bank of Tokyo-Mitsubishi UFJ to finance the modification of its vessel Lentera Bangsa into floating storage offloading (FSO).
Under the loan agreement signed in Jakarta on Friday, IFC would provide loan amounting to $35 million to Trada Maritime, while the Jakarta branch of the Bank of Tokyo-Mitsubishi UFJ would provide another $15 million.
PT Trade Maritime will later rent its FSO to China National Offshore Oil Corporation (CNOOC) SES Ltd under a 8-year contract worth of US$112 million. The contract will last between January 2011 and January 2019.
The company said that the modification of the 127,000-ton vessel into FSO which is being carried out at the Cosco Shipyard in Guang Zhou, China is scheduled for completion in January 2011. (kanti)