- Region: Latin America and the Caribbean
- Marine and Aerospace
- Export Loans
September 9, 2011
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed on September 8 loan agreements in the cofinanced amount of up to 9.4 billion yen with the Korea Development Bank (KDB), a governmental financial institution in the Republic of Korea (ROK). The loans are cofinanced with Sumitomo Mitsui Banking Corporation (SMBC) (lead arranger) and BNP Paribas Bank (Tokyo branch).
- These loans will be extended by way of KDB to Hanjin Shipping Co., Ltd., one of the leading shipping companies in ROK, which will purchase four 82,100-dwt bulk carriers*2 from ITOCHU Corporation through its Panamanian subsidiary. These ships will be built in TSUNEISHI SHIPBUILDING CO., LTD. Amid the continuing difficulties for structuring ship financing across the world due to the prolonged credit squeeze after the financial crisis, JBIC supported the export of ships built in a domestic shipyard, thereby helping maintain and improve the international competitiveness of the Japanese shipbuilding industry.
- JBIC will continue to actively support the export of ships built in domestic shipyards through cofinancing with private financial institutions and in partnership with the Shipbuilders' Association of Japan, as these shipyards perform a significant role in the regional economy, including employment creation in SMEs associated with shipbuilding.