Singapore/Loan Insurance to Wan Hai Lines Ltd.Group to support ship exports
Nippon Export and Investment Insurance
Nippon Export and Investment Insurance (NEXI; Chairman and CEO: Atsuo Kuroda) has decided to provide insurance for loans to Wan Hai Lines (Singapore) Pte Ltd. (WHS), the Singaporean subsidiary of Taiwan-headquartered Wan Hai Lines Ltd. (WHL). The loans will be used to finance WHS purchase of eight 3,055 TEU container vessels built by Japan Marine United Corporation (JMU) and Nihon Shipyard Co., Ltd (NSY).
The loans are provided through cofinancing by Citibank, N.A., Tokyo Branch, Mizuho Bank, Ltd. and Japan Bank for International Cooperation (JBIC). NEXI’s insurance will support commercial banks’ loan portion.
WHL is engaged in container transportation and other businesses mainly in Asia. NEXI has also provided insurance for previous two loans, which was used to finance WHS purchase of container vessels built by JMU and NSY. First loan was provided in March 2020 to purchase eight 3,036 TEU vessels1. Second loan was provided in April 2022 to purchase twelve 3,013 TEU vessels2.
As a financial institution implementing Japan’s policy, NEXI will continue to support Japanese exports.
| Insured | Citibank, N.A., Tokyo Branch, Mizuho Bank, Ltd. |
| Tenor | Approximately 13 years |
| Covered risks | Political risk 100%, Credit risk 95% |
Contact: Infrastructure Group, Structured and Trade Finance Insurance Department
Tel: +81-(0)3-3512-7674
- 1 NEXI news release, March 13, 2020 https://www.nexi.go.jp/en/topics/newsrelease/2020031002.html
- 2 NEXI news release, April 12, 2022 https://www.nexi.go.jp/en/topics/newsrelease/2022040501.html