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Buyer's Credit for Ship Export to Wilhelmsen Group Company in Malta
Supporting Export of Pure Car/Truck Carrier Built in Japanese Shipyard

  • Region: Europe
  • Marine and Aerospace
  • Export Loans
NR/2011-59
December 19, 2011
  1. The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed on December 16 a buyer's credit agreement totaling up to about 27 million U.S. dollars (JBIC portion) with Wilhelmsen Lines Shipowning Malta, Ltd. (WLSM), a Maltese subsidiary of Wilh. Wilhelmsen ASA, a major car carrier operator in the Kingdom of Norway. The loan, cofinanced with The Bank of Tokyo-Mitsubishi UFJ, Ltd. (lead arranger) and Sumitomo Mitsui Banking Corporation, *2 will help export a pure car/truck carrier built by Mitsubishi Heavy Industries, Ltd. The overall cofinancing loan amounts to about 55 million U.S. dollars. 
     
  2. This loan will finance the purchase of a pure car/truck carrier with a capacity of 6,500 cars built in its Nagasaki Shipyard & Machinery Works (in Nagasaki City, Nagasaki Prefecture). This is the third ship export to WLSM funded by JBIC's buyer's credit, following two Ro-Ro ships whose contracts were signed in September 2010*3.  
     
  3. As a result of the global impact caused by the financial crisis, it has been still difficult to structure ship finance. Amid this situation, this loan will provide financial support for the export of ships built in Japanese shipyards, thereby contributing to maintaining and improving the international competitiveness of Japanese shipbuilding industry.  JBIC is now empowered to extend financing for ship exports to developed countries, as in this case, pursuant to the Japan Bank for International Cooperation Act promulgated and entered into force on May 2 this year and related government orders. 
     
  4. JBIC will continue to assist the export of ships built by domestic shipyards which are performing a major role in the regional economy through employment including in associated industries in collaboration with the Shipbuilders' Association of Japan, and in cofinancing with private financial institutions.
Note
  1. *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
  2. *2 Nippon Export and Investment Insurance (NEXI) provides buyer’s credit insurance for the portion cofinanced by The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Sumitomo Mitsui Banking Corporation. 
  3. *3 See Press Release on October 1, 2010.

 

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