The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe) signed on September 15 a loan agreement totaling up to 2.1 billion yen with Yapi ve Kredi Bankasi A.S.(Yapi Kredi), a commercial bank in Turkey. The loan was cofinanced with the Bank of Tokyo-Mitsubishi UFJ. JBIC is the international wing of the Japan Finance Corporation.
This loan will finance, by way of Yapi Kredi, Ince Denizcilik ve Ticaret A.S., a Turkish shipping company, for purchasing, through its subsidiary, a 28,000-dwt bulk carrier from Mitsubishi Corporation. The bulk carrier is built by Imabari Shipbuilding Co. Thus the loan will support Japanese firm's export of a bulk carrier.
The credit squeeze following the financial crisis in the fall of 2008 has made it difficult to structure ship financing across the world. The loan provided through Yapi Kredi will lead to the funding of the export of Japanese ships, thereby helping Japanese shipbuilders maintain and improve their international competitiveness. JBIC offered a 10 billion yen credit line to Is Bankasi A.S. in December 2009 for financing the export of ships to Turkey, which supported the export of 3 bulk carriers built in Mitsui Engineering & Shipbuilding Co. and IHI Marine United. This loan follows these previous loans that facilitated Japanese ship exports.
Bulk carrier of 28300 DWT typical product of Imabari Shipyard, Japan now will be built for Ince Shipping of Turkey
According to received info by Seanews, JBIC will continue to actively support the export of ships built in Japanese shipyards that perform a significant role in the regional economy, including employment creation, while drawing on its network of clients such as banks in foreign countries.
In recent years, Ince Denizcilik of Istanbul has has firmed up two 28,000-dwt bulkers with Japan's Imabari Shipbuilding in 2007. The Imabari deal, which was then arranged through Mitsubishi, saw the Turkish owner take delivery of the first unit in 2008 and the second in 2010.In September 2006, the company sold the 72,000-dwt Ince Istanbul (built 1999) and 45,000-dwt Ince Marmara (built 1995) to Allseas Marine offshoot Paragon Shipping for $39.5m and $29m, respectively.
Insurer is Nippon
NEXI (Nippon Export and Investment Insurance) has decided to provide Buyer’s Credit Insurance for a loan concerning export of a 28,000-dwt bulk carrier built by Imabari Shipbuilding Co.,Ltd. The loan agreement was signed in Istanbul on September 15.
The loan provides financing, through a Turkish bank Yapi ve Kredi Bankasi A.S., to Bogazici Deniz Tasimaciligi Ltd. STI., a subsidiary of INCE Denizcilik ve Ticaret A.S., the traditional shipping company in Turkey. Mitsubishi Corporation is the exporter.
At a press release NEXI said that "With the financial markets still in crisis, NEXI will continue to support exports by Japanese shipbuilding companies of high technology."
Type of Insurance: Buyer’s Credit Insurance (2 step loan)
Insured: Bank of Tokyo-Mitsubishi UFJ
Covered Risks: Political Risk (97.5%) and Commercial Risk (95%)