Taiwanese dry bulk shipping firm U-Ming Marine Transport Corporation is planning to raise NT$2bn ($66.8m) from bonds issue to reduce its short-term debt, Seatrade Asia online reports.
The five-year bond is guaranteed by Bank SinoPac, according to U-Ming's regulatory filing to the Taiwan Stock Exchange.
As of 31 March 2012, Taipei-listed U-Ming stood on liabilities of NT$8bn.
The shipping company is also actively seeking to replace its older and less fuel efficient ships through acquisitions and disposals, according to C.K. Ong, president of U-Ming.
The company had just sold a capesize bulk carrier last week and is planning to sell two or three more aging panamax or capesize. On the other hand, it has signed a deal to purchase four capesizes with an option for six more in February.
All news