Overview

Bank of China provides $179.55 million USD buyer’s credit loan to STX Pan Ocean to finance the construction of three bulk carriers

Commitments (Constant USD, 2023)$249,092,906

Commitment Year•2009Country of Activity•KoreaDirect Recipient Country of Incorporation•KoreaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 1, 2009

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 Commercial Banks

Bank of China (BOC)

Receiving agencies

Private Sector

STX Pan Ocean (now Pan Ocean Co., Ltd.)

Implementing agencies

Private Sector

Jiangsu New Century Shipbuilding Co., Ltd.

Loan description

Bank of China provides $179.55 million USD buyer’s credit loan to STX Pan Ocean to finance the construction of three bulk carriers

Interest type•Unknown

Narrative

Full Description

Project narrative

In or around December 2009, the Bank of China (BOC) entered into a $179.55 million USD buyer's credit facility agreement with STX Pan Ocean (now Pan Ocean Co., Ltd.) — a Korean shipping company— for shipbuilding purposes. The proceeds of the loan would be used to finance the construction of three 17,600 DWT bulk carriers at the Jiangsu New Century Shipyard.