The Azerbaijan State News Agency

ECONOMY

PALMALI SHIPPING GETS $183m-LOAN

German banks HSH Nordbank and DVB have granted a $183m-loan to Palmali Shipping Group of Companies.

The company will spend the money to purchase three high-tonnage oil tankers.

Mubariz Mansimov, President of Palmali Shipping, said the fact his company got the loan is demonstration of confidence in Palmali.

“For several months banks have been hesitating to sponsor the shipping sector amid the world`s economic crisis. However, we have been granted this big loan, and this was possible thanks to our large-scale activities and projects” Mansimov said.

Christian Nieswandt, Head of International Clients - Shipping at HSH Nordbank, said: “Palmali is a rapidly developing company. Being a leading company, it is implementing long-term projects. We have a lot of confidence in it.”

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