- Region: Asia
- Marine and Aerospace
- Export Loans
September 26, 2014
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed today buyer's credit agreements for funding the purchase of two bulk carriers with Berge Bulk Limited (Berge Bulk) *1Group, which is a leading shipping operator managed in Singapore. These loans are cofinanced with The Bank of Tokyo -Mitsubishi UFJ, Ltd. (lead arranger), and Nippon Export and Investment Insurance (NEXI) provides insurance for the portion cofinanced by a private financial institution.
Berge Bulk Group boasts one of the world's major-scale fleets of large bulk carriers. These loans are intended to finance Berge Bulk to purchase from IMABARI SHIPBUILDING CO., LTD. two 37,800 DWT*2 bulk carriers to be built in its domestic shipyard. These loans follow the previous buyer' s credits to Berge Bulk in August 2013*3 and March 2014.*4
These loans are intended to support the export of ships built by a Japanese shipbuilder which performs a significant role in the regional economy and its 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.
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 See Press Release on August 14, 2013.
- *4 See Press Release on March 14, 2014.