Sign up
Log in Sign up
Wed 8 Sep 2010 09:27

Andatee to receive US$8.84 million loan


Supplier says loan will enable the company to 'vigorously pursue' its expansion plan.

Andatee China Marine Fuel Services Corporation, a leading independent operator engaged in the production, storage, distribution, wholesale purchase and sale of blended marine fuel oil for cargo and fishing vessels in Northern China, has today announced that it has received a loan from the Bank of Yingkou for a period of six months.

The Bank of Yingkou has lent RMB 60 million (approximately USD 8.84 million) to Andatee as of September 2, 2010, with an interest rate of approximately 6% for a period of six months.

The company said it plans to use the loan for general corporate and working capital purposes as well as its ongoing acquisition activities as it seeks to establish what it refers to as a 'one-stop depot service' along the Chinese coast.

"We're pleased with the foregoing bank loan arrangement as well as the confidence that local banks have shown in the company, especially under current credit-tightening circumstances," commented Mr. An Fengbin, Chairman, President and CEO of Andatee China Marine Fuel Services Corporation.

"This loan, along with future more active involvement from other local banks will allow Andatee to vigorously pursue the expansion of footprints along the coastal areas as well as more market opportunities for its marine fuel products," Mr. An concluded.

Lease agreement between Inter Terminals Sweden and the Port of Gothenburg, signed on July 1st. Pictured: Göran Eriksson, CEO of the Port of Gothenburg (left) and Johan Zettergren, Managing Director of Inter Terminals Sweden (right). New Gothenburg lease an opportunity to expand green portfolio: Inter Terminals  

Bunker terminal operator eyes tank conversion and construction projects for renewable products.
Map of US Gulf. Peninsula extends US Gulf operation offshore  

Supplier to focus on Galveston Offshore Lightering Area (GOLA) in strategy to serve growing client base.
The M/T Jutlandia Swan, operated by Uni-Tankers. Uni-Tankers vessel gets wind-assisted propulsion  

Fourth tanker sails with VentoFoil units as manufacturer says suction wing technology is gaining traction.
Port of Gothenburg Energy Port. Swedish biomethane bunkered in Gothenburg  

Test delivery performed by St1 and St1 Biokraft, who aim to become large-scale suppliers.
Image from Cockett Marine Oil presentation. Cockett to be closed down after 45 years  

End of an era as shareholders make decision based on 'non-core nature' of Cockett's business.
Petrobras logo. Petrobras confirms prompt availability of VLS B24 at Rio Grande  

Lead time for barge deliveries currently five days.
Opening of the IMO Marine Environment Protection Committee (MEPC), 83rd Session, April 7, 2025. IMO approves pricing mechanism based on GHG intensity thresholds  

Charges to be levied on ships that do not meet yearly GHG fuel intensity reduction targets.
Preemraff Göteborg, Preem's wholly owned refinery in Gothenburg, Sweden. VARO Energy expands renewable portfolio with Preem acquisition  

All-cash transaction expected to complete in the latter half of 2025.
Pictured: Biofuel is supplied to NYK Line's Noshiro Maru. The vessel tested biofuel for Tohoku Electric Power in a landmark first for Japan. NYK trials biofuel in milestone coal carrier test  

Vessel is used to test biofuel for domestic utility company.
Pictured (from left): H-Line Shipping CEO Seo Myungdeuk and HJSC CEO Yoo Sang-cheol at the contract signing ceremony for the construction of an 18,000-cbm LNG bunkering vessel. H-Line Shipping orders LNG bunkering vessel  

Vessel with 18,000-cbm capacity to run on both LNG and MDO.

↑  Back to Top


 Recommended