- Region: Europe
- Marine and Aerospace
- Export Loans
November 21, 2014
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed today two buyer's credit agreements totaling up to about USD21.5 million (JBIC portion), a total for two bulk carriers, with Oldendorff Carriers GmbH & Co. KG (Oldendorff) incorporated in Germany, respectively for funding its purchase of two bulk carriers. These loans are cofinanced with the Tokyo branch of Deutsche Bank AG (lead arranger), with the overall cofinancing amount reaching about USD43.0 million for the two ships. Nippon Export and Investment Insurance (NEXI) provides insurance for the portion cofinanced by the private financial institution.
Oldendorff, based in Germany, is a drybulk ship operator owning and controlling a major fleet globally. These loans are intended to finance Oldendorff for the purchase of two 60,000 DWT *1 bulk carriers to be built by Japan Marine United Corporation in its shipyards.
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 associated industries, including mid-tier enterprises and small and medium-sized enterprises (SMEs). Thus, the 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.