Overview

Bank of China provides $40 million USD buyer's credit loan to F.H. Bertling for acquisition of two ships from Zhong Chuan Heavy Industry

Commitments (Constant USD, 2023)$51,445,539

Commitment Year•2010Country 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: Jan 1, 2010

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

F.H. BERTLING GMBH & CO. KG

Implementing agencies

State-owned companies

Zhong Chuan Heavy Industry Shipbuilding Co., Ltd.

Insurance providers

State-owned companies

China Export & Credit Insurance Corporation (Sinosure)

Loan description

Bank of China provides $40 million USD buyer's credit loan to F.H. Bertling for acquisition of two ships from Zhong Chuan Heavy Industry

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2010, Bank of China provided a $40 million line of buyer's credit loan to F.H. Bertling — a German shipping company — for financing its acquisition of two GC Newbuilding ship orders from Zhong Chuan Heavy Industry (a subsidiary of China Shipbuilding Industry Corp) in Zhejiang province. Buyer’s credit insurance was provided by China Export & Credit Insurance (Sinosure). The company was expecting delivery of four 50,000 deadweight tonnage (dwt) handymax bulkers in 2010, including 'Dalarna', 'Navarra', and 'Dalatia'.