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Overview

China Eximbank contributes to a $90 million USD syndicated loan to Bocimar International for the acquisition of two bulk carriers (Linked to Record ID#103251)

Commitments (Constant USD, 2023)$57,876,231
Commitment Year•2010Country of Activity•BelgiumDirect Recipient Country of Incorporation•BelgiumSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2010

Geospatial footprint

Map overview

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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

  • Société Générale S.A. (SocGen or Societe Generale)

Receiving agencies

Private Sector

  • Bocimar International N.V.

Implementing agencies

Private Sector

  • Zhoushan Jinhaiwan Shipyard Co., Ltd.

Loan description

China Eximbank contributes to a $90 million USD syndicated loan to Bocimar International for the acquisition of two bulk carriers

Interest type•Unknown

Narrative

Full Description

Project narrative

On January 30, 2010, the Export-Import Bank of China signed a letter of intent for a $500 million USD financing facility framework cooperation agreement with Compagnie Maritime Belge N.V. (CMB) — a Belgium-incorporated and based shipping company based in Antwerp controlled by the Saverys family — for the financing of two Capesize vessels. Record ID#103251 captures this pledged this facility. Then, in 2010, a two-bank syndicate — consisting of the Export-Import Bank of China and Société Générale S.A. (SocGen) Paris — entered into a $90 million USD syndicated loan facility agreement with Bocimar International N.V. — a Belgium-incorporated shipping company and subsidiary of Belgian shipping company CMB — for the acquisition of two bulk carriers. China Eximbank served as a mandated lead arranger of this loan. The proceeds were to be used by the borrower to finance the purchase of two bulk carrier newbuildings under construction by Zhoushan Jinhaiwan Shipyard Co., Ltd.. Record ID#103244 captures China Eximbank's contribution.

Staff comments

1. The individual contributions of China Eximbank and SocGen to this $90 million USD syndicated loan are unknown For the time being, AidData has estimated the contribution of China Eximbank by assuming that each lender contributed an equal amount ($45,000,000 USD) to the loan syndicate. 2. It is unclear whether the $90 million USD syndicated loan was done under the $500 million USD financing facility framework agreement. This issue merits further investigation.