Overview

ICBC Leasing provides a $200 million USD loan to Seatrade for the construction of seven full reefer container ships

Commitments (Constant USD, 2023)$209,239,676

Commitment Year•2015Country of Activity•BelgiumDirect Recipient Country of Incorporation•CuracaoSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 29, 2015

Start (planned): Jan 1, 2016

Geospatial footprint

Map overview

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This loan supported the construction of seven full reefer container ships by Seatrade Group N.V., which is headquartered at Noorderlaan 133, 2030 Antwerpen, Belgium. More detailed locational can be found at: https://www.openstreetmap.org/way/54291688.

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 companies

ICBC Financial Leasing Co., Ltd. (ICBCFL) (ICBC Leasing)

Receiving agencies

Private Sector

Seatrade Group N.V.

Loan description

ICBC Leasing provides a $200 million USD loan to Seatrade for the construction of seven full reefer container ships

Interest type•Unknown

Narrative

Full Description

Project narrative

During Chinese Premier Li Keqiang's visit to Europe and in the presence of Li and Belgian Prime Minister Charles Michel, on June 29, 2015, ICBC Financial Leasing Co., Ltd. (ICBCFL; ICBC Leasing) — a Chinese state-owned leasing company and wholly-owned subsidiary of the Industrial and Commercial Bank of China (ICBC) — signed a $200 million USD loan agreement with Seatrade Group N.V. — a Curacao-incorporated Antwerp, Belgium-based international shipping company — for the construction of full reefer container ships. The ships were under contract with Chinese shipyards. The first ship was scheduled to be delivered in early 2016. This loan was described by the Chinese media as important for the promotion of the One Belt, One Road (OBOR) initiative.

Staff comments

1. A reefer ship is a refrigerated cargo ship typically used to transport perishable cargo, which require temperature-controlled handling, such as fruits, meat, vegetables, dairy products, and similar items.