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Our Bureau

Mumbai April 20

Shipping Corporation of India has concluded raising of finances to the tune of $206.56 million for two very large crude carriers (VLCCs) of 3.19 lakh DWT each. These vessels are under construction at Daewoo Shipbuilding yard in South Korea.

SCI signed a loan agreement of $103.28 million with State Bank of India on Tuesday for financing one of the VLCCs. Earlier, on March 30, the company concluded a loan agreement for $103.28 million with KFW, Germany, in association with Citigroup and Nordea Bank, for financing the other VLCC. This is the first shipping loan offered by KFW to any Indian company. Both the FCNB loan from SBI and ECB from KFW have a tenure of 10 years after the delivery of the ships.

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