Primorsky Sea Shipping has negotiated a US$188.3 million loan from Norway's Christiana Bank that will allow the Russian shipping company to build vessels in South Korea. The Norwegian bank had helped Primorsky refinance a debt to the European Bank for Reconstruction and Development on more favourable terms, Primorsky said. It expected to save $600,000 in the first year. Primorsky Sea Shipping is located in Russia's Far East, close to the Korean peninsula. The company said it planned to build three tankers with a capacity of 45,000 tons.