CSSC (HK) Shipping Co Ltd (CSSCL) has clinched a $245m ten-year club senior secured loan for the construction of six newcastlemax bulk carriers.

The loan for CSSCL, the shipowning and leasing arm of China State Shipbuilding Corp (CSSC), was advised by law firm Watson Farley & Williams (WFW) and led by Standard Chartered Bank and Bank of America, joined by Societe Generale.

The six bulk carriers were ordered in 2014, with two already delivered and the remainig four currently under construction.

WFW partner Christoforos Bisbikos commented: “We are delighted to have advised CSSC on this successful transaction involving a first time international syndication of a Chinese state entity.

“The deal shows that business continues and successful and mutually beneficial transactions are there to be done if parties are clear in their strategy and find the right funding. It also further reinforces WFW’s position as a market leader in the maritime sector in China and the wider Asia Pacific region,” Bisbikos said.