Polish Steamship Co (Polsteam) has clinched financing worth $192m as it gets ready to take delivery of new ships.
The stated-owned cargo ship operator has arranged a term loan with the Export-Import Bank of China (CEXIM) to fund eight lake-fitted bulkers.
These are likely to be the 37,000-dwt vessels on order at Dalian Shipbuilding Industry Co subsidiary Shanhaiguan Shipyard in China, delivering from this year through 2025 and into 2026.
UK law firm Watson Farley & Williams (WFW), which advised CEXIM, said: “The deal was closed within a tight time frame and involved coordinating cross-border legal advice from multiple jurisdictions including the Bahamas, Cyprus, Liberia, Malta, Poland and China.”
The facility is backed by China Export & Credit Insurance Corp (Sinosure).
TradeWinds reported in 2022 that Polsteam had order four more handysize lakers at Shanhaiguan, to add to the four it already had on order.
Brokers estimated a price of $34m each for ships five to eight.
UK broker Clarksons now lists 10 in the series at Shanhaiguan, plus three ropaxes being built at Remontowa in Poland.
Polsteam is said to be the third-largest operator of lake-fitted bulkers, with 61 ships and 14 on order.
The fleet ranges from handies to kamsarmaxes.
Polsteam operates its ro-ros and ferries through a company called Unity Line.
Export financing experience
The WFW team that advised CEXIM was led by Asia asset & structured finance group head and partner Madeline Leong, supported by Singapore counsel Ryan Tan and associate Becky Zhu.
Leong said: “This transaction once again demonstrates CEXIM’s commitment to supporting China’s foreign trade, the Belt & Road initiative and WFW’s experience and expertise advising on ECA [export credit agency] financings.”
Established in 1994, CEXIM is a state-funded, state-owned policy bank with the status of an independent legal entity in China.
It supports Chinese foreign trade, investment and international economic cooperation.
