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Buyer' s Credit for Export of Ships to U-Ming Marine Transport Corporation
Supporting Export of Bulk Carriers Built in Japanese Shipyard

  • Region: Asia
  • Marine and Aerospace
  • Export Loans
NR/2013-72
September 12, 2013
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today  three buyer' s credit agreements totaling up to about 40.5 million U.S. dollars (JBIC portion) for funding the purchase of three bulk carriers with U-Ming Marine Transport (Singapore) Private Limited (UMS) in Singapore. UMS is a wholly-owned subsidiary of Taiwan' s leading shipping operator U-Ming Marine Transport Corporation (U-Ming). Each loan is cofinanced with Citibank Japan Limited (Citibank; lead arranger). The overall cofinancing amount for three bulk carriers is about 81.1 million U.S. dollars. Nippon Export and Investment Insurance (NEXI) provides Buyer' s Credit Insurance for the portion cofinanced by Citibank.
     
  2. U-Ming, the ultimate user of these ships, is headquartered in Taiwan and is the largest owners and operators of dry bulk carriers in Taiwan. These loans will finance U-Ming to purchase from Sumitomo Corporation three of 84,000DWT class bulk carriers being built by Oshima Shipbuilding Company Limited in their domestic shipyards.
     
  3. Amid continued constraints to structure ship financing across the world, these loans 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, which perform a significant role in the regional economy including their mid-tier enterprises and small and medium-sized enterprises, in cofinancing with private financial institutions and in partnership with the Shipbuilders' Association of Japan.

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