IFC wants its money

Indonesian shipping company Trada Maritime is facing a demand from the World Bank for repayment of $31m.

The bank's private sector unit International Finance Corp (IFC) wrote to the tanker owner at the end of May asking for the loan back within three days.

It wants a principal amount of $30.57m, plus interest and other costs of $774,360, Trada said in a stock exchange statement.

The company also owes $15m to Bank of Tokyo-Mitsubishi UFJ.

A meeting with creditors is set for 17 June.

Trada has a fleet of 20 ships, including tankers, FSOs, an LNG carrier, a bulker and tugs.