SINOCEANIC II, a wholly-owned subsidiary of SinOceanic Shipping, has taken delivery of the 13,100-TEU MSC Altair from Hyundai Heavy Industries Ulsan shipyard in South Korea.

The containership that has a length of 366 metres and breadth of 48 metres has been placed on a 15-year charter with MSC at a rate of US$60.25 per day.

With a purchase price of $154.42 million, the initial working capital requirements of Sino II have been financed by the $100 million senior secured bond issue and by a junior secured loan in the amount of $60 million provided to Sino II by Oceanus International Investment AS, which is the largest shareholder in the company, a statement from the parent group said.

It added that the second priority loan has a tenor of three years and carries interest at a rate of 19 per cent per annum. In addition, a back-end fee in the amount of $1刞illion will be payable at maturity.

Source Shipping Gazette - Daily Shipping News