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Overview

China Eximbank participates in syndicate loan for MSC to acquire 4 luxury ro-ro passenger ships

Commitment Year2021Country of ActivitySwitzerlandDirect Recipient Country of IncorporationMultiple JurisdictionsSectorTransport And StorageFlow TypeLoan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 1, 2021
Start (actual)
Nov 26, 2022

Geospatial footprint

Map overview

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This project is a syndicated loan to Mediterranean Shipping Company (MSC) for the purchase of four ro-ro ferries. MSC is headquartered at Chem. Rieu 12, 1208 Genève, Switzerland. More detailed locational information can be found at: https://www.openstreetmap.org/way/182090240

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Cofinancing agencies

Private Sector

  • BNP Paribas S.A.

Receiving agencies

Private Sector

  • Grandi Navi Veloci (GNV)
  • Mediterranean Shipping Company Group S.A. (MSC)

Implementing agencies

State-owned companies

  • Guangzhou Shipyard International Co, Ltd. (GSI)

Insurance providers

State-owned companies

  • China Export & Credit Insurance Corporation (Sinosure)

Loan desecription

2021 syndicated loan from China Eximbank and others for MSC to acquire 4 luxury ro-ro passenger ships in Switzerland

Interest typeUnknown

Narrative

Full Description

Project narrative

In November 2021, Guangzhou Shipyard International Company Ltd. (GSI), a wholly-owned subsidiary of state-owned China State Shipbuilding Corporation (CSSC), signed a commercial agreement with Swiss shipping company Mediterranean Shipping Company, S.A. (MSC) to build 4 roll-on/roll-off (ro-ro) passenger ferry (Ropax) ships. China Eximbank and BNP Paribas, then, agreed to provide a syndicated loan for MSC for the purchase of the four ships. In December 2022, China Export & Credit Insurance Corporation (Sinosure) agreed to provide insurance for this project. The vessels have a length of 218m, a width of 29.6m, 3,100 lane meters capacity and a service speed of 25 knots. There are 299 cabins on board of each ship and it can accommodate 1,500 passengers. The ships will be equipped with multiple themed restaurants, bars, lounges, children’s entertainment areas and other leisure and entertainment venues. The first and second units of this series will be equipped with energy-saving and emission reduction devices such as SCR systems and waste heat recovery systems, while the third and fourth will be powered by an LNG dual-fuel propulsion system. The four vessels all meet the International Maritime Organization's Tier III emission requirements and the Energy Efficiency Operation Index (EEDI) meets the latest International Maritime Organization Phase II requirements, thus significantly reducing carbon consumption and emissions and promoting the ecological development of shipping. In addition, the ship has fully taken into account the prevention and control needs of the new corona pneumonia epidemic on board. She is the first Chinese-built luxury ro-ro passenger vessel to meet the “BIOSAFE (Biosafety Ship Class)” classification. The ships are equipped with a special isolation control area. The ability to effectively manage and control epidemic emergencies on board and play a role in the prevention and control of infectious diseases is another strength of the construction of these ships. On November 26, 2022, Guangzhou Shipbuilding International shipyard started construction of the first Ropax ship with 1,500 passengers and 3,100 linear meters of garage (hull number 21110001) for MSC. The ro-pax unit in question will then be employed by Grandi Navi Veloci (GNV), a wholly-owned subsidiary of MSC in Italy, and in the Mediterranean.

Staff comments

1. The Chinese project title is 4艘1500客/3100米车道高端客滚船项目. 2. Roll-on/roll-off (RORO) ships are cargo ships designed to carry wheeled cargo, such as cars, motorcycles, trucks, semi-trailer trucks, buses, trailers, and railroad cars, that are driven on and off the ship on their own wheels or using a platform vehicle, such as a self-propelled modular transporter. Roro passenger ferry (Ropax) ships are vessels that can contain passengers and cargo, effectively making the ships as commercial cruise ships.