Bank of China grants US$180 mln to S.Korean Co STX Pan Ocean

Bank of China announced to grant a US$179.55 million credit to South Korea's STX Pan Ocean, to purchase three 176,000 DWT bulk cargo vessels from New Times Shipbuilding Co.. Export buyer's credit means a medium- or long-term credit to a foreign borrower for importing goods from China, in order to enhance China's exports of goods and services.
New Times Shipbuilding is one of China's largest private shipbuilders, located in eastern China's Jiangsu province.