JBIC signed a general agreement for arranging the second export credit line for ships in the amount of up to 22 billion yen with Turkiye Is Bankasi A.S. (Isbank), a commercial bank in Turkey. Concurrently, JBIC signed contract loan agreements with Isbank for the export of two 55,800-dwt bulk carriers*1 (exporter: Marubeni Corporation) to Mardas, a Turkish shipping company, under the framework of this export credit line (cofinanced with a private financial institution).
The credit crunch following the financial crisis since the fall of 2008 has made it difficult to structure ship financing across the world. This loan provided through Isbank helps finance the export of ships built in Japanese shipyards, thereby
helping Japanese shipbuilders to maintain and improve their international competitiveness.
JBIC offered its first credit line totaling 10 billion yen to Isbank in December 2009 to be used for financing the export of ships to Turkey. This credit line supported the export of three bulk carriers. JBIC also extended a bank-to-bank loan cofinanced with a private financial institution to Yapi ve Kredi Bankasi A.S., a Turkish commercial bank, in September 2010, to help export a bulk carrier.
- *1A bulk carrier is a cargo ship designed to transport dry bulk cargo such as grains, coals, ores, etc.