- Region: Latin America and the Caribbean
- Marine and Aerospace
- Export Loans
February 4, 2011
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe) *1 signed on February 3(Venezuelan time) four buyer’s credit agreements with Panavenflot Corp., a Panamanian subsidiary of PDV Marina S.A. which is a shipping company incorporated in the Bolivarian Republic of Venezuela and affiliated with Petróleos de Venezuela, S.A. (PDVSA), the state-owned petroleum company of Venezuela, to finance the purchase of ships built in a Japanese shipyard. The loans, in the amount of 4.9 billion yen each, were cofinanced with Sumitomo Mitsui Banking Corporation (SMBC).
- The loans will help Panavenflot Corp. purchase four 104,300-DWT Aframax Crude Oil Carriers*2 respectively from their exporter, ITOCHU Corporation. The tankers will be built by Sumitomo Heavy Industries Marine & Engineering Co., Ltd. (at Yokosuka Shipyard).
- The credit squeeze in the aftermath of the financial crisis has made it difficult to structure ship financing across the world. These loans will support the export of ships built by a domestic shipyard, thereby helping maintain and improve the international competitiveness of Japanese shipbuilders.
- JBIC will continue to actively support the export of ships built by domestic shipyards, as shipbuilding plays a major role in the regional economy by creating employment and bolstering the local support industries, in cofinancing with private financial institutions.
- *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
- *2 Aframax Crude Oil Carriers, ranging from 80,000 DWT to 120,000 DWT in capacity, are primarily used for transporting crude oil.