Fortescue strikes Chinese financing deal for $556m ore carriers

Iron-ore major Fortescue Metals has struck a partnership deal with China Development Bank Financial Leasing Company (CDB Leasing) over the $556-million price tag for eight very large ore carriers (VLOC) currently under construction. The finance lease facility will fund 85% of the VLOC costs for a minimum of 12 years, on highly flexible terms, including early repayment and extension options.