Mitsui, Grace Ocean Enter Loan Agreement
Mitsui & Co. announced Mitsui entered into agreements with Grace Ocean, a ship-owning company in Singapore, on September 21, 2010, to provide a financial loan of US $250 million (maximum repayment period of 13 years) to Grace for purchase of vessels for chartering business.
Together with the financial loan for purchase of vessels, Mitsui will also provide Grace with various services in each step of the value chain for commercial vessel business to support its business growth. Such services will include arrangement of ordering newly built vessels, and brokerage in chartering business and in sales of second-hand vessels.
Mitsui considers trading of various commercial vessels, such as bulk carriers, container vessels, and tankers, as one of its core businesses. With the economical growth in the emerging economies in Asia including China and India, the volume of marine transportation has been increasing in the recent years and so has the demand for vessels. Mitsui will continue to build strong and unique relationships with both promising domestic and international ship-owners, and enhance its commercial vessel trading business.