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Fortescue secures VLOC financing

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Dry Bulk,

Australian iron ore major, Fortescue, has completed a financing agreement with a Chinese financier for eight very large ore carriers (VLOCs).

“This is a groundbreaking financing transaction which builds and broadens Fortescue’s highly-valued relationship with China through our first direct funding arrangement with a major Chinese leasing company,” said Fortescue’s CEO Nev Power.

The agreement will see China Development Bank Financian Leasing (CDM Leasing) provide US$473 million, covering 85% of the construction costs. Funding is provided on a 12 year term with extension and early repayment options.

The VLOCs are currently under construction at China’s Jiangsu Yangzijiang and Guangzhou Shipbuilding International shipyards with delivery of the first ship in November 2016. The remaining vessels will be delivered through mid-2018.

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