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

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).

Additional details

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").

Number of official sources

3

Number of total sources

5