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Buyer's Credits for Ship Export to Vessel Owners in Cyprus
Support for Export of Tankers Built in Japanese Shipyard

  • Region: Europe
  • Marine and Aerospace
  • Export Loans
NR/2012-35
August, 20/2012
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today, buyer's credit agreements with two Cyprus companies*1 wholly owned by Klaus E. Oldendorff Cyprus Limited (KEOCY), amounting to about 1.5 billion yen and 1.3 billion yen (JBIC portion), respectively. Each loan is cofinanced with Sumitomo Mitsui Banking Corporation (SMBC, lead arranger). The overall cofinancing amounts are about 3 billion yen and 2.6 billion yen respectively. Nippon Export and Import Insurance (NEXI) provides Buyer's Credit Insurance for the portion cofinanced by SMBC. 
     
  2. These loans will finance KEOCY's two affiliated companies to purchase two Aframax tankers, which will be built by Sumitomo Heavy Industries Marine & Engineering Co., Ltd., at its Yokosuka Shipyard (Yokosuka City, Kanagawa Prefecture) from Mitsui & Co., Ltd. This is the first case where JBIC's buyer's credits have extended to vessel owners in Cyprus.  
     
  3. Amid continued constraints to structure ship finance across the world, 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 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 NORDROSE NAVIGATION COMPANY LIMITED and NORDTULIP NAVIGATION COMPANY LIMTED in Cyprus. 

 

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