Narrative
Full Description
Project narrative
In April 2002, the Export-Import Bank of China signed a $32.3 million USD export buyer's credit agreement with Vintergas Limited — a Cayman Islands-incorporated special purpose vehicle (SPV) jointly owned by Norwegian marine transportation company I.M. Skaugen ASA (IMS) (50% equity stake) and American private equity firm GATX Capital Corporation (50% equity stake) — for the purchase of two liquefied petroleum gas (LPG) vessels. This loan carried a maturity period of 10 years and a fixed average base interest rate of 4.77%. The proceeds were to be used by the borrower to finance 75% of the net contract price of two 10,000 cubic meter LPG vessels built by Hudong-Zhonghua Shipbuilding Co., Ltd.. Vintergas Limited and Somargas Limited — another joint venture of IMS and GATX, using a $62.5 million USD loan from China Eximbank (Record ID#103516) — together ordered six ethylene gas carriers for delivery between 2002 to 2003, with an option for four more vessels for deliver in 2003/2004; the vessels would fly the Hong Kong flag. Each vessel had a total delivered cost of $21.5 million USD. The second vessel was launched and the third vessel's keel-laying occurred on December 31, 2001; five out of the six ordered (two to Vintergas, four to Somargas). The first vessel of the six ordered, known as MV 'Norgas Orinda' ,was delivered on October 31, 2002 to Somargas. The final vessel, known as MV 'Norgas Napa', was delivered on October 31, 2003, for Vintergas.
Staff comments
1. It is possible that the guarantees for Nordea Bank and NIB Capital were for only one of the two loans for Vintergas and Somargas; however, in any case, there was a guarantee provided by at least one of these banks, if not both, and AidData has coded both as guarantors for now. 2. I.M. Skaugen ASA (IMS) is a Norwegian marine transportation service company engaged in the transport of petrochemical gases and LPG in addition to the lightering of crude oil listed on the Oslo Stock Exchange.