Overview

ICBC Leasing provides a $300 million USD loan to Odfjell for the construction of seven chemical bulk carriers

Commitments (Constant USD, 2023)$319,237,914

Commitment Year•2017Country of Activity•NorwayDirect Recipient Country of Incorporation•NorwaySector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Aug 1, 2017

Geospatial footprint

Map overview

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This loan supported the construction of seven chemical bulk carriers by Odfjell SE, which is headquartered at Conrad Mohrs veg 29 5072, BERGEN, VESTLAND Norway. More detailed locational information can be found at: https://www.openstreetmap.org/node/4347695205.

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

Odfjell SE

Loan description

ICBC Leasing provides a $300 million USD loan to Odfjell for the construction of seven chemical bulk carriers

Interest type•Unknown

Narrative

Full Description

Project narrative

In August 2017, 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) — entered into a $300 million USD loan agreement with Odfjell SE — a Norway-registered and based company that specializes in the shipping and storage of chemicals — for the construction of seven chemical bulk carriers.

Staff comments

1. The specific kind of agreement is unknown. Leasing companies typically provide leases, but are also known to occasionally provide loans, and judging from the context, some debt agreement was made between ICBC Leasing and Odfjell. Therefore, for the time being AidData has treated this project record as a loan. Still, this issue merits further investigation.