U-Ming secures USD 45 million loan
U-Ming Marine Transport Corporation, a publicly listed bulk carrier company headquartered in Taiwan, has secured its first sustainability-linked loan (SLL) of USD 45 million with E.Sun Commercial Bank.
For this purpose, U-Ming underwent a rigorous due-diligence process that evaluated the company’s financial strength as well as environmental, social and governance (ESG) achievements.
SSL also incorporates an incentive scheme linked to pre-determined ESG targets, where U-Ming will enjoy a discount on interest rates and save borrowing cost once these targets are achieved.
The accomplishment of these targets will be verified by an independent third party. This loan facility will be used to purchase one LNG dual fuel tier III 190,000 DWT bulk carrier, which has been awarded a ten-year dual fuel dry bulk charter contract by Anglo American, a global mining company - together with another three LNG dual fuel bulk carriers in November 2020. (cd)