- Region: Asia
- Marine and Aerospace
- Export Loans
September 29, 2011
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed on September 28, jointly with a private financial institution, a buyer's credit agreement totaling up to about 55 million US dollars with WALLSTRAITS SHIPPING PTE. LTD., a company incorporated in the Republic of Singapore and a subsidiary of Wallenius Lines AB (Wallenius), one of the largest shipping companies for vehicle transportation in Sweden. The loan is cofinanced with the Bank of Tokyo-Mitsubishi UFJ, Ltd. (lead arranger).
- The loan will be used for purchasing a pure car/truck carrier (capacity: 6,500 cars) which will be built by Mitsubishi Heavy Industries, Ltd. at its Nagasaki Shipyard & Machinery Works (Nagasaki City, Nagasaki Prefecture). This is the third loan JBIC provided for the Wallenius group, following two buyer's credits*2 extended to Mark V Shipping Pte.Ltd., a company incorporated in the Republic of Singapore, in September 2010 to finance the export of two Ro-Ro ships.
- This loan will support the export of a ship 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, thereby contributing to maintaining and strengthening the international competitiveness of the Japanese shipbuilding industry.
- In collaboration with the Shipbuilders' Association of Japan, and in cofinancing with private financial institutions, JBIC will continue to assist the export of vessels built by Japanese shipbuilders which are performing a major role in the regional economy through employment and related businesses.
- *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
- *2 See Press Release dated October 1, 2010.