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Buyer's Credit for Ship Export to TCC Group, Ship Owner in Hong Kong
Supporting Export of Bulk Carriers Built by Japanese Shipbuilders

  • Region: Asia
  • Marine and Aerospace
  • Export Loans

May 30, 2014
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed on May 29 two buyer's credit agreements totaling up to USD12.0 million and about USD11.8 million (JBIC portion) respectively with two Singaporean subsidiaries*1 of Tai Chong Cheang Steamship Group (TCC Group), a ship owner based in Hong Kong, for funding the purchase of two bulk carriers. These loans are cofinanced with the Tokyo Branch of BNP Paribas Bank (lead arranger) and Sumitomo Mitsui Trust Bank, Limited. The overall cofinancing amount of each loan adds up to USD24.0 million and about USD23.7 million. Nippon Export and Investment Insurance (NEXI) provides insurance for the portion cofinanced by private financial institutions.
     
  2. The TCC Group is based in Hong Kong and one of the leading ship owners (mainly bulk carriers and tankers) in Asia. These loans are intended to finance the TCC Group to purchase through Sumitomo Corporation two 76,500 DWT*2 bulk carriers built by Imabari Shipbuilding Co., Ltd. in its Japanese shipyards.
     
  3. These loans are intended to support the export of ships built by Japanese shipbuilders which perform a significant role in the regional economy and associated industries, including mid-tier enterprises and small and medium-sized enterprises (SMEs). Thus, these loans will contribute to maintaining and strengthening the international competitiveness of the Japanese shipbuilding industry.
     
  4. As Japan's policy-based financial institution, JBIC will continue to support the export of ships built by Japanese shipbuilders 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.
Note
  1. *1 They are Best Ocean Navigation Pte. Ltd. and Nice Ocean Navigation Pte. Ltd., both incorporated in Singapore.
  2. *2 DWT is an abbreviation for Dead Weight Tonnage and refers to the total carrying capacity of a vessel, including freight, fuel, food, drink, water, ship crew and their personal effects.

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