- Region: Asia
- Marine and Aerospace
- Export Loans
October １, 2010
- The Japan Bank for International Cooperation (JBIC, President & CEO: Hiroshi Watanabe)*1 signed on September 30 two buyer's credit agreements worth approximately 116 million US dollars each with Mark V Shipping Pte. Ltd., a company incorporated in the Republic of Singapore and affiliated with Wallenius Lines AB, one of the largest shipping companies for vehicle transportation, to finance the export of carriers being built at a Japanese shipyard. The loans were cofinanced with the Bank of Tokyo-Mitsubishi UFJ (lead arranger) and the Tokyo Branch of BNP Paribas Bank.
- The loans will finance Mark V Shipping Pte. Ltd. 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 squeeze 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 Japanese shipbuilders maintain and improve their international competitiveness.
- In collaboration with private financial institutions, JBIC will continue to assist the export of vessels built by Japanese shipbuilders who are making a large contribution to the regional economy through employment and related businesses.
- *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
- *2 Roll-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.