Bond Frenzy

Bonds are becoming an important source of capital for shipping companies. Earlier this month, Hyundai Merchant Marine (“HMM”) has successfully issued a KRW 200 billion (USD 169.3 million), 6.7 per cent two year bond. Korea Line has also issued two tranches of 3 year convertible bonds domestically – KRW 50 billion and KRW 40 billion (USD 76 million) respectively. Over in India, Great Eastern Shipping is looking into a Rs 2 billion (USD 43 million) 10 year bond issuance. The bonds will carry a coupon rate of 9.6% and Trust Investment Advisor has been appointed as the arranger.

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