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Overview

China Eximbank provides $100 million export buyer’s credit to Ofer Maritime Ltd. for acquisition of 6 cargo ships

Commitments (Constant USD, 2023)$113,649,715
Commitment Year•2011Country of Activity•IsraelDirect Recipient Country of Incorporation•MonacoSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 26, 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

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Private Sector

  • Zodiac Maritime Ltd. (Ofer Maritime Ltd.)

Implementing agencies

Private Sector

  • Zhejiang Golden Gulf Shipbuilding Co., Ltd. (舟山金海湾船业有限公司)
  • Zodiac Maritime Ltd. (Ofer Maritime Ltd.)

Loan desecription

China Eximbank provides $100 million export buyer’s credit to Ofer Maritime Ltd. for acquisition of 6 cargo ships

Interest type•Unknown

Narrative

Full Description

Project narrative

In May 2011, the Export-Import Bank of China and Ofer Maritime Ltd. — an Israeli shipping company — signed a $100 million export buyer's credit agreement. The proceeds of the loan were to be used by the borrower to purchase four 82,000-dwt (dead weight ton) cargo ships and two 80,000-dwt cargo ships manufactured by China Zhejiang Golden Gulf Shipbuilding Co., Ltd., (舟山金海湾船业有限公司). On March 3, 2020 a Chinese shipping source reported that Ofer's 2011 order for the bulk cargo ships had been seriously delayed).

Staff comments

1. According to an article on Chinese shipping (eworldship.com), China Zhejiang Golden Gulf Shipbuilding Co., Ltd. had significant cash flow problems from 2011 to 2013 and in later years as well. As a result of these cash flow problems, many of the company's ship construction projects were delayed. Ofer Maritime's order was delayed and it is unclear whether the ships were ever delivered or whether Ofer Maritime ever paid for the ships in question (see "金海智造之“幸”与“不幸”"). According to Ofer Maritime's website, now called Zodiac Maritime, it only owns 3 cargo vessels with 80-82,000-dwt built after 2011, suggesting that the order for 6 ships has not been completed (see "Fleets").