- Region: Europe
- Marine and Aerospace
- Export Loans
October 1, 2014
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed today two buyer's credit agreements totaling up to USD18.6 million (JBIC portion), a total for two bulk carriers, with Ultrabulk Shipping A/S (Ultrabulk) Group,a member company of Chile based shipholding group Naviera Ultranav Limitada (Ultranav) and operating the group's bulk carriers based in Denmark, for funding the purchase of two bulk carriers. The loan is cofinanced with the Tokyo Branch of BNP Paribas Bank (lead arranger) with the overall cofinancing amount of loans adding up to USD37.3 million, with Nippon Export and Investment Insurance (NEXI) providing insurance for the portion cofinanced by a private financial institution.
Ultranav is a South-American major shipholding group that owns and operates mostly bulk carriers and tankers. These loans are intended to finance Ultrabulk Group to purchase through Sumitomo Corporation two 36,780 DWT*1 bulk carriers to be built by Oshima Shipbuilding Co., Ltd. in its Japanese shipyards.
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.
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.
- *1 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.