IMC Holdings Finds Funding for Newbuilding Quartet

Singapore-based bulk carrier and chemical tanker owner and operator IMC Holdings Limited has signed USD 60 million worth of buyer’s credit agreements with the Japan Bank for International Cooperation (JBIC) to fund the purchase of two 64,400 dwt and two 64,300 dwt multipurpose vessels, to be built by Japan’s Oshima Shipbuilding.

These loans are co-financed by Citibank Japan Ltd and BNP Paribas, Tokyo Branch, bringing the overall co-financing amount to USD 120 million for the four vessels, with Nippon Export and Investment Insurance (NEXI) providing insurance for the portion co-financed by the commercial financial institutions.

JBIC said that the loans are intended to support the export of ships built in the 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 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,” JBIC said.

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