Roll-on / Roll-off vessel (a sister ship built by Mitsubishi Heavy Industries)
JBIC signed two buyer’s credit*1 agreements worth approximately 116 million dollars each with Mark V Shipping Pte. Ltd. (Mark V), a company incorporated in Singapore and affiliated with Wallenius Lines AB, one of the largest shipping companies for vehicle transportation. The loans were cofinanced with private sector financial institutions.
The loans finance Mark V to purchase two Roll-on / Roll-off vessels*2 (deadweight tonnage: 41,820 tons), for which Mitsubishi Heavy Industries, Ltd. had won the order prior to the global financial turmoil that took place in the fall of 2008. The ships are currently under construction at the company’s Nagasaki Shipyard (Nagasaki City, Nagasaki Prefecture).
The credit crunch following the financial crisis has made it difficult to structure ship financing across the world. The loans provided by JBIC will lead to funding for the export of Japanese ships, thereby helping maintain and improve the international competitiveness of Japanese shipbuilders who are playing an important role in the regional economy through the employment and related businesses.
- *1A buyer’s credit is a loan JBIC directly extends to a foreign importer (buyer) to finance its import of machinery and equipment, etc. from a Japanese firm.
- *2Roll-on / Roll-off cargo ships have vehicle deck(s) as well as stern / bow ramps or side ramps allowing cars to roll-on / roll-off directly from / to the dock.