Overview

Bank of China loans $149 million line of credit to Schulte Group

Commitments (Constant USD, 2023)$206,710,348

Commitment Year•2009Country of Activity•GermanyDirect Recipient Country of Incorporation•GermanySector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 17, 2009

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

Private Sector

Bernhard Schulte Shipmanagement

Loan description

Bank of China loans $149 million line of credit to Schulte Group

Interest type•Unknown

Narrative

Full Description

Project narrative

On or before November 17, 2009, Bank of China loaned a $149 million line of credit to Schulte Group — a German shipping company — for the acquisition of nine tankers ordered from Jiangzhou Union Shipbuilding in 2007. A spokesperson for Schulte Group said the loan would help improve their liquidity crisis, and in turn their lack of orders. Jiangzhou Union Shipbuilding had received no new orders in 2009 as of November, so Bank of China was likely supporting the state-owned company.