Wednesday, 22 July 2009
STANDARD Chartered Bank has granted a US$28 million loan facility to Xihe Holdings, the vessel-owning arm of Ocean Tankers. Ocean Tankers is a major South-east Asian oil and product tanker operator, with a fleet in excess of 80 vessels. It is part of the Hin Leong Group, the largest independent oil trader in Singapore and a leading player in the oil and oil-products trading and logistics markets in South-east Asia.
This loan enables the Hin Leong Group to take advantage of market cycles to continue growing its fleet.Lim Huey Ching, finance director of Xihe Holdings, said: 'The loan facility that Standard Chartered has provided us with not only cements the integral role we play in the global energy market, but is also testament to the bank's commitment to its clients even in difficult times.'Nigel Anton, managing director and head of shipping finance at Stanchart, said: 'The Hin Leong Group is an important and long-standing customer of Standard Chartered Bank. Our ongoing partnership with the Hin Leong Group allows us to provide strategic support to their integrated oil trading and logistics business.'
Philippe Touati, head of origination and client coverage at Stanchart, said: 'As local corporates grow and take their business into the regions, Stanchart is proud to offer our unique footprint in Africa, Asia and the Middle East to support their expansion.'
Source: Business Times Singapore
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