Taipei: Taiwanese dry bulk operator Franbo Lines has announced that it has completed a $32m syndicated loan deal with five financial institutions made up of Taiwan Cooperative Bank, Mega Commercial Bank, Bank of Panhsin, Taiwan Business Bank and Grand Capital International.
The maturity of the loan is seven years, and the company said the funds will be used for the purchase of three new buildings, having ordered three 16,500dwt bulkers last year with deliveries scheduled for August and December 2015, and May 2016.
Franbo Lines operates a fleet of nine vessels and its long term plans are a fleet replacement programme that will take the fleet to 15 ships.
