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Buyer's Credit for Ship Export to Gearbulk Shipowning Limited, Bermuda
Supporting Export of a General Cargo Carrier Built by Japanese Shipyard and Shipping Business of Overseas Joint Venture of Japanese Company

  • Region: Latin America and the Caribbean
  • Marine and Aerospace
  • Export Loans
NR/2012-146
March 25, 2013
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed a buyer's credit agreement amounting to 23.5 million U.S. dollars (JBIC portion), with Gearbulk Shipowning Limited(Gearbulk), a ship owning subsidiary of Gearbulk Holding Limited*1, Bermuda.*2 The loan is cofinanced with Mizuho Corporate Bank, Ltd. (MHCB; lead arranger), which brings the overall cofinancing amount to 65.5 million U.S. dollars. Nippon Export and Investment Insurance (NEXI) provides Buyer's Credit Insurance for the portion cofinanced by MHCB.
     
  2. The loan is intended to finance Gearbulk's purchase of a 72,400 DWT open type general cargo carrier*3(exporter: Sumitomo Corporation) to be built by Oshima Shipbuilding Co., Ltd. (OSC) at Oshima Shipyard in Saikai City, Nagasaki Prefecture. OSC is one of the world major ship builder of open type general cargo carriers and the 72,400 DWT ship to be exported is among the biggest sized vessels of this kind in the world. 
     
  3. Amid continued constraints to structure ship finance across the world, this loan will provide financial support for the export of ships built by Japanese shipyards and shipping business of overseas joint ventures of Japanese companies, thereby contributing to maintaining and improving the international competitiveness of the Japanese shipbuilding and shipping industry.
     
  4. JBIC will continue to actively support the export of ships built by Japanese shipyards, which perform a significant role in the regional economy, including through employment creation and business dealings with associated industries comprising mid-tier enterprises and small and medium-sized enterprises, by cofinancing with private financial institutions and in partnership with the Shipbuilders' Association of Japan.
Note
  1. *1 Gearbulk Holding Limited, Bermuda is 49% owned by Mitsui O.S.K. Lines, Ltd. and the world major operator of open type general cargo carriers.
  2. *2 Although the loan agreement was already concluded on March 22, 2013 (London time), the press release was issued today, after the related procedures have been completed.
  3. *3 An open type general cargo carrier is designed with box shaped holds and open hatches, providing optimal  handling and space utilization for unitized cargos. The vessels have own gear (jib or gantry cranes) and are ideally suited for cargoes such as wood pulp, paper, aluminum ingots, lumber and others unitized products.

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