- Region: Asia
- Marine and Aerospace
- Export Loans
March 30, 2012
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe) *1 signed today a buyer's credit agreement respectively with SITC Osaka Shipping Co., Ltd. and SITC Yokkaichi Shipping Co., Ltd., the ship owning companies under the SITC International Holdings Company Limited, a major shipping and logistics company listed in Hong Kong. The loans, cofinanced with Citibank Japan Ltd.(lead arranger),*2 will finance each company's purchase of a container ship built by Kyokuyo Shipyard Corporation in Shimonoseki, Yamaguchi Prefecture.
- These loans will finance each company for the purchase of a 1,103 TEU container ship built by Kyokuyo Shipyard Corporation. This is the first financing provided by JBIC to support ship export by Kyokuyo Shipyard Corporation.
- As a result of the credit squeeze caused by the global financial crisis that broke out in 2008, it continues to be difficult to structure ship financing across the world. Amid this situation, these loans will support the export of ships built in a domestic shipyard that has a reputation for its technological prowess, thereby contributing to maintaining and improving the international competitiveness of the Japanese shipbuilding industry.
- JBIC intends to actively support, in cofinancing with private financial institutions, the export of ships built by Japanese shipyards, which perform a major role in the regional economy through employment, including in associated industries.
- *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
- *2 The portion cofinanced by Citibank Japan Ltd. is covered by Buyer’s Credit Insurance provided by Nippon Export and Investment Insurance (NEXI).