- Region: Asia
- Marine and Aerospace
- Export Loans
- Project Finance
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The Japan Bank for International Cooperation (JBIC; Governor: Akira Kondoh) signed today a buyer's credit agreement on a project finance basis*1 with MacLin Sunny Maritime S.A., a subsidiary in the Republic of Panama owned by Taiwanese ship owner Ta Tong Marine (TTM) Co., Ltd. group, for financing the purchase of an ore carrier. This loan is cofinanced by the Tokyo Branch of Citibank, N.A. (lead arranger) and the financing provided by the bank will be covered by insurance from Nippon Export and Investment Insurance (NEXI).
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The TTM Group is based in Taiwan and is a ship owner and operator of bulk carriers. This loan is provided to finance the TTM Group to purchase a 241,000 DWT*2 ore carrier manufactured by Japanese shipbuilder IMABARI SHIPBUILDING CO., LTD.
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The aim of this loan is to support the export of ships built by Japanese shipbuilders which play a major role in the regional economy and associated industries, including mid-tier enterprises and small and medium-sized enterprises (SMEs). The loan is also intended to contribute to maintaining and increasing the international competitiveness of the Japanese shipbuilding industry.
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As a Japanese policy-based financial institution, JBIC, in collaboration with the Shipbuilders' Association of Japan, will continue to provide financial support for the export of ships built by Japanese shipbuilders, by utilizing its various financial instruments for structuring projects and performing its risk-assuming function.
Note
- *1
- *2 DWT stands for Dead Weight Tonnage and refers to the total carrying capacity of a vessel, including freight, fuel, food, drinking water, ship crew and their personal effects.