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Overview

China Eximbank contributes $177 million USD to a $456 million USD syndicated loan for the German Oil Product Tanker Project and Container Vessel Project

Commitments (Constant USD, 2023)$332,143,348
Commitment Year•2006Country 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
Sep 1, 2006

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 Policy Banks

  • Export-Import Bank of China (China Eximbank)

Cofinancing agencies

Private Sector

  • HypoVereinsbank (HVB)

State-owned Banks

  • Hamburg Commercial Bank (HSOB) (Formerly HSH Nordbank AG)
  • KfW Development Bank (KfW Entwicklungsbank GmbH)

Receiving agencies

Private Sector

  • Unspecified German Ship Owner

Implementing agencies

Private Sector

  • Jiangsu New Century Shipbuilding Co., Ltd.
  • Jiangsu Yangzijiang Shipbuilding Group Co., Ltd

Loan description

China Eximbank contributes to a USD $456 million syndicated loan for the German Oil Product Tanker Project and Container Vessel Project in 2006

Interest type•Unknown

Narrative

Full Description

Project narrative

In September 2006, in the presence of Chinese Premier Wen Jiabao and German Chancellor Angela Merkel, a four-bank syndicate — the Export-Import Bank of China, HSH Nordbank, KfW, and HVB — entered into a $456 million USD syndicated loan an unspecified German ship owner to finance the purchase of six oil product tankers and eight container vessels built by Jiangsu New Century Shipyard and Jiangsu Yangtze Shipyard. China Eximbank contributed $177 million USD to the loan syndicate.

Staff comments

1. The Chinese project title is 德国成品油轮项目和集装箱船项目. 2. In September 2006, China Eximbank participated in a $86 million USD syndicated with HSH Nordbank to KGs for the construction of three product tankers, as captured by Record ID#100368. This may be a sub-loan of the $456 million USD. This issue merits further investigation.