SinOceanic, controlled by Sinindo Holdings, an affiliate of China’s HNA Group, has announced that it needs to raise new capital to meet the company’s developing objectives.

“Due to difficult and challenging market conditions the vessels now owned by the company are by necessity being financed through a combination of senior and junior debt which will be a constraint on future activities. As a consequence, the company is now in the process of seeking to refinance its three recently delivered vessels and restructure its capital base,” SinOceanic said in its latest report.

Sinindo has declared that it is supportive of SinOceanic’s business model and will provide continued support to the company.

Oceanus International Investment, a company indirectly owned by HNA Group, has also extended a total of $184m in secured junior loans to SinOceanic’s three wholly owned ship-owning subsidiaries.

Source: Sino Ship News