U.S. And Canadian Banks Lend $50 Million To Argentine Shipping Firm

The Bank of Boston and the Bank of Montreal will lend $50 million to Argentina's state-owned shipping firm, financing the company's building projects through the end of 1978. The loan will be repayable over seven years.

The two banks are members of a syndicate of international financial institutions created to provide funds to Empresa Lineas Maritimas Argentina (ELMA).

In all, 28 ships are being built in Argentine and foreign shipyards.

Two new freighters, just delivered from yards in Spain and Scotland, bring ELMA's fleet up to 52 vessels, totaling 638,775 tons. Eight more ships will be delivered shortly.

The Tucuman, from Scotland, can transport general, bulk, liquid refrigerated and container cargo. The 14,930-ton vessel, which is 455 feet long and has a speed of 15.5 knots, will ply the Pacific routes.

The Chaco, from Spain, will carry the same cargo, except for refrigerated goods. The singlescrew motor vessel is 517 feet long, has a speed of 15.5 knots, and will travel the northern European routes.

The Argentine merchant fleet is adding new routes to existing ones, particularly to some African states.

Maritime Reporter Magazine, page 14, Aug 1978

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Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.