- Region: Asia
- Marine and Aerospace
- Export Loans
September 4, 2015
The Japan Bank for International Cooperation (JBIC; Governor, CEO: Hiroshi Watanabe) signed today buyer's credit agreements totaling up to USD60 million (JBIC's portion) to fund the purchase of four multipurpose vessels with IMC Holdings Limited (IMC)*1 Group, which is a major shipping operator in Singapore. These loans are co-financed with Citibank Japan Ltd. (facility agent) and BNP Paribas, Tokyo Branch, bringing the overall co-financing amount to USD120 million for the four vessels, with Nippon Export and Investment Insurance (NEXI) providing insurance for the portion co-financed by the commercial financial institutions.
IMC is one of the major integrated shipping operators in Asia, having and operating mainly bulk carriers and chemical tankers. These loans are intended to finance IMC's purchase of a total of four vessels, comprising two 64,400 DWT*2 and two 64,300 DWT multipurpose vessels, to be built by Oshima Shipbuilding Co., Ltd., a Japanese shipbuilding company.
These loans are intended to support the export of ships built in a Japanese shipyard that performs a significant role in the regional economy and associated industries, including their 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 The company is registered in Bermuda (British Overseas Territory).
- *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, the ship's crew and their personal effects.