Skip to content
AidData logo

Overview

China Development Bank contributes to a $510 million USD loan to STX Pan Ocean for ship financing purposes

Commitments (Constant USD, 2023)$64,401,505
Commitment Year•2011Country 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
Sep 9, 2011

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 Policy Banks

  • China Development Bank (CDB)

Cofinancing agencies

Private Sector

  • ABN AMRO Bank NV
  • BNP Paribas S.A.
  • Crédit Industriel et Commercial (CIC)
  • Deutsche Schiffsbank AG (pre-2012)
  • DNB Bank ASA (formerly DnB NOR ASA)
  • ING Bank N.V.
  • Standard Chartered Bank PLC

State-owned Banks

  • Export-Import Bank of Korea (KEXIM)

Receiving agencies

Private Sector

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

Loan description

China Development Bank contributes to a USD $510 million loan to STX Pan Ocean for ship financing purposes in South Korea in 2011

Interest type•UnknownMaturity•12 years

Narrative

Full Description

Project narrative

On September 9, 2011, a syndicate of nine lenders — including the China Development Bank (CDB) — entered into a $510 million USD syndicated loan agreement with STX Pan Ocean — a Korean shipping company — for ship financing purposes. The loan carried a maturity period of 12 years. In addition to CDB, the following lenders also contributed to the facility: ABN AMRO Bank, BNP Paribas, Crédit Industriel et Commercial (CIC), Deutsche Schiffsbank, DnB NOR ASA (now DNB Bank ASA), Export-Import Bank of Korea, ING Bank, and Standard Chartered Bank. The proceeds of the loan were to finance the construction of 20 pulp carrier ships, which were contracted by Fibria Celulose — a Brazilian major pulp maker — for $5 billion USD. The $510 million USD facility would cover approximately 70% of expenses, or nearly 16 of the 20 contracted vessels.

Staff comments

1. The exact contributions of each of the nine lenders to the syndicate is unknown. To estimate CDB's contribution, AidData has assumed that all lenders contributed equally to the loan syndicate ($510,000,000 / 9 = $56,666,666.667).