- Region: Asia
- Marine and Aerospace
- Export Loans
March 14, 2014
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed on March 14, buyer's credit agreements for funding the purchase of six bulk carriers with Berge Bulk Limited*1(Berge Bulk) Group which is a leading shipping operator based in Bermuda with management in Singapore. These loans are cofinanced with The Bank of Tokyo Mitsubishi UFJ (as lead arranger). Nippon Export and Investment Insurance (NEXI) provides Buyer's Credit Insurance for the portion cofinanced by the private financial institution.
Berge Bulk Group is based in Bermuda with management in Singapore, and boasts one of the world's major fleet scale of large bulk carriers. These loans are intended to finance Berge Bulk to purchase from Namura Shipbuilding Co., Ltd. (as exporter) six 34,000 DWT*2 bulk carriers which are currently being built by a group subsidiary of Namura Shipbuilding Co., Ltd. in the domestic shipyard. These loans follow the previous loan to Berge Bulk to purchase an ore carrier in August 14, 2013.*3
These loans are intended to support the export of ships built in a Japanese shipyard which performs a significant role in the regional economy and associated industries, including their mid-tier enterprises and small and medium-sized enterprises (SMEs). Thus, these loans will contribute to maintaining and improving the international competitiveness of the Japanese shipbuilding industry.
As Japan's policy-based financial institution, JBIC will continue to support the export of ships built in Japanese shipyards in partnership with the Shipbuilders'Association of Japan by drawing on its various financial facilities and schemes for structuring projects and performing its risk-assuming function.
- *1 Berge Bulk is a registered corporation in the Bermuda Islands.
- *2 DWT is an abbreviation for Dead Weight Tonnage which refers to the total carrying capacity of a vessel, including freight, fuel, food, drink, water, ship crew and their personal effects.
- *3 Please see our Press Release on August 14, 2013