first_imgThe Japan Bank for International Cooperation (JBIC) has signed a buyer’s credit agreement totalling up to approximately 12.3 million U.S. dollars (JBIC portion) for funding the purchase of a bulk carrier with African Kite Shipping Co., Ltd. (AKS) incorporated in the Bahamas.AKS is a wholly-owned subsidiary of International Strategic Shipping Investments B.V. which is a fifty-fifty joint venture of MUR Shipping Holdings B.V. (MUR) and J.P. Morgan Global Maritime Investment Fund L.P. The loan is co-financed with Mizuho Bank, Ltd. (as lead arranger) and The IYO BANK, Ltd., with the overall cofinancing amount totalling approximately 24.6 million U.S. dollars. Nippon Export and Investment Insurance (NEXI) provides Buyer’s Credit Insurance for the portion co-financed by private financial institutions.MUR is a Dutch registered company with global maritime operations employing over 100 bulk carriers. This loan is intended to finance AKS purchase from ITOCHU Corporation of a 61,000 DWT bulk carrier built by Imabari Shipbuilding Co., Ltd. in their domestic shipyard.The loan is intended to support the export of ships built in a Japanese shipyard which perform a significant role in the regional economy and associated industries, including their mid-tier enterprises and small and medium-sized enterprises (SMEs). Thus, the loan will contribute to maintaining and improving 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.last_img

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