Argus reported that Japanese trading firm Mitsui is providing a USD 250 million loan to Singapore shipping company Grace Ocean to buy vessels for chartering purposes.

Mitsui will also help Grace Ocean with ordering new vessels, selling second hand ships and brokering charter deals.

The deal is part of Mitsui's efforts to build new ties with Asian shipping firms to enhance its commercial vessel trading business in the bulk carrier and oil tanker sectors.

Mitsui said that "With the economic growth in the emerging economies in Asia, including China and India, the volume of marine transportation has been increasing in the recent years and so has the demand for vessels."

(Sourced from www.argusmedia.com)