First Buyer’s Credits for Ship Exports to Subsidiaries of Greek Shipping Company
Supporting Export of Bulk Carriers Built in a Japanese Shipyard

• Region: Europe
• Marine and Aerospace
• Export Loans

1. The Japan Bank for International Cooperation (JBIC, President & CEO: Hiroshi Watanabe)^*1 signed on May 31 (Athens time) buyer's credit agreements with three ship owning companies incorporated in the Republic of the Marshall Islands owned by Safe Bulkers, Inc., a Greek shipping company also incorporated in the same Republic, to finance the export of three vessels built in a Japanese shipyard. The three co-financed loans with Citibank Japan Ltd. (lead arranger) amounted to about 39 million US dollars, about 45 million US dollars, and about 38 million US dollars respectively.
    
2. These loans will support the export of ships built in a Japanese shipyard amid the credit squeeze caused by the financial crisis, which has made it difficult to structure ship finance across the world. These are the first buyer's credits for ship exports extended to a Greek ship owner with the aim of supporting the export of ships built in Japanese shipyards, thereby contributing to maintaining and strengthening the international competitiveness of Japanese shipbuilders. 
    
3. Through co-financing with private financial institutions and in partnership with the Shipbuilder's Association of Japan, JBIC is prepared to provide active support for the export of ships built by Japanese shipyards as they play a major role in the regional economy by creating employment and bolstering local supporting industries. 

Note

1. *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).