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Buyer's Credit for Ship Export for Safe Bulkers Group in Marshall Islands
Supporting Export of Bulk Carrier Built in Domestic Shipyard

  • Region: Europe
  • Marine and Aerospace
  • Export Loans
NR/2012-20
June 29, 2012
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today a buyer's credit agreement totaling up to about 17 million U.S. dollars (JBIC portion) with MAXEIKOSITESSERA SHIPPING CORPORATION (MAXEIKO), a ship-owning subsidiary wholly owned by Safe Bulkers, Inc. (Safe Bulkers), which is incorporated in the Republic of the Marshall Islands. The loan is cofinanced with Citibank Japan Ltd. (lead arranger). The total cofinancing amounts to about 34 million U.S. dollars. Nippon Export and Investment Insurance (NEXI) provides Buyer's Credit Insurance for the portion cofinanced by the private financial institution.
     
  2. This loan will finance the purchase of a 74,800-dwt bulk carrier built in the Sasebo Shipyard (Sasebo City, Nagasaki Prefecture) of Sasebo Heavy Industries Co., Ltd., by Safe Bulkers through MAXEIKO. This is the 4th ship export to the Safe Bulkers Group financed by JBIC.*1 
     
  3. Amid continued constraints to structure ship finance across the world, this loan will provide financial support for the export of a ship built in a Japanese shipyard, thereby contributing to maintaining and strenghening the international competitiveness of the Japanese shipbuilding industry.
     
  4. JBIC will continue to actively support the export of ships built in Japanese shipyards that perform a significant role in the regional economy, including through employment creation and business dealings with associated industries by cofinancing with private financial institutions and in partnership with the Shipbuilder's Association of Japan.
Note
  1. *1 See Press Release on June 1, 2011.

 

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