Overview

China Construction Bank contributes $10.2 million to $87 million project finance package to Southern Cross Ship Line SA

Commitments (Constant USD, 2023)$14,366,150

Commitment Year•2008Country of Activity•PanamaDirect Recipient Country of Incorporation•PanamaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Mar 19, 2008

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

China Construction Bank Corporation (CCB)

Cofinancing agencies

Private Sector

Sumitomo Mitsui Banking Corporation (SMBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

Southern Cross Ship Line SA

Loan description

China Construction Bank contributes $10.2 million to $87 million project finance package to Southern Cross Ship Line SA

Interest type•Unknown

Narrative

Full Description

Project narrative

On March 19, 2008, China Construction Bank (CCB) provided a $10.2 million loan as part of a $87 million project finance package used to acquire a newly constructed 180,000 DWT bulk carrier. The asset was acquired by Orient Line Co Ltd through a special purpose vehicle (SPV), Southern Cross Ship Line SA, in Panama. The transaction was co-financed by Sumitomo Mitsui Banking Corporation, which provided the remaining $53.2 million in debt financing. The facility reached financial close on March 19, 2008, and was structured as an asset acquisition within the midstream oil and gas sector.