Hong Kong / Insurance for Loans for Ship Export to Pacific Basin Group

April 25, 2014

Nippon Export and Investment Insurance

NEXI has decided to provide insurance for loans extended to PB Vessels Holding Ltd ("PBVH"), a British Virgin Islands company wholly owned by Pacific Basin Shipping Limited ("PB"), a Hong Kong shipping operator, for purchase of 18 bulk carriers.


The 18 bulk carriers will be built and exported by four Japanese shipbulding companies. Tsuneishi Group (Zhoushan) Shipbuilding Inc., a Chinese subsidiary wholly owned by Tsuneishi Holdings Corporation of Japan, will buid two of the 18 carriers. NEXI will provide insurance for the two carriers by using Local Buyer's Credit which was developed in February 2013 to support exports to third countries by Japanese companies incorporated in foreign countries as well as their domestic sales.


Citibank Japan Ltd., the Bank of Tokyo-Mitsubishi UFJ, Ltd., Sumitomo Mitsui Trust Bank, Limited and Japan Bank for International Corporation (JBIC) will extend the loans, and NEXI's insurance will cover part of their loans (USD 175 million).


As a Japanese official financial agency, NEXI will continue to provide a financial support to enhance the competitiveness of Japanese companies through finance structure development and risk-taking by a variety of financial facilities.


Insured Value Approx. USD 175 million
(Japansee Lenders)
Citibank Japan Ltd.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Tenor Approx. 12 years