Arias, Fábrega & Fábrega acted as Panamanian counsel to China Minsheng Banking Corp., Ltd., Guangzhou Branch, on a loan made available to Rainbow Ace Shipping S.A., for up to US$13.52 million.

The proceeds from the loan were used to finance the construction of a 22,382 GRT bulk carrier of Panamanian registry, named Rainbow Harmony.  The financing is secured by a first mortgage on the Rainbow Harmony, for US$13.52 million.