Buyer's Credit for Ship Export to TCC Group, Ship Owner in Hong Kong
Supporting Export of Tankers Built by Japanese Shipbuilders
- Area: Asia
- Marine and Aerospace
- Export Loans
The Japan Bank for International Cooperation (JBIC; Governor: Akira Kondoh) signed on January 12 two buyer's credit agreements with two Singaporean subsidiaries*1
of Tai Chong Cheang Steamship Group (TCC Group), a ship owner based in Hong Kong, for funding the purchase of two tankers. These loans are cofinanced with the Tokyo Branch of BNP Paribas Bank (lead arranger).
The TCC Group is based in Hong Kong and is one of the leading ship owners (mainly bulk carriers and tankers) in Asia. These loans are intended to finance the TCC Group to purchase two 114,700 DWT*2
type tankers built by Namura Shipbuilding Co., Ltd. in its Japanese shipyards. These loans follow the previous buyer's credits to the TCC Group in May 2014*3
These loans are intended to support the export of ships built by Japanese shipbuilders which perform a significant role in the regional economy and associated industries, including mid-tier enterprises and small and medium-sized enterprises (SME). Thus, these loans will contribute to maintaining and strengthening the international competitiveness of the Japanese shipbuilding industry.
As Japan's policy-based financial institution, JBIC will continue to support the export of ships built by Japanese shipbuilders in partnership with the Shipbuilders' Association of Japan by drawing on its various financial facilities and schemes for structuring projects and performing its risk-assuming function.
- *1 Two Singaporean companies: Dynamic Tankers Pte. Ltd. and Endeavor Tankers Pte. Ltd.
- *2 DWT stands for Dead Weight Tonnage and refers to the total carrying capacity of a vessel, including freight, fuel, food, drinking water, ship crew and their personal effects.
- *3 See Press Release on May 30, 2014.