Overview

China Development Bank provides $223.8 million loan to Seaspan Corporation subsidiaries to acquire three 10000 TEU newbuilding vessels

Commitments (Constant USD, 2023)$242,558,431

Commitment Year•2012Country of Activity•Marshall IslandsDirect Recipient Country of Incorporation•Marshall IslandsSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jul 3, 2012

Start (actual): Jul 3, 2012

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% Chinese ownership

Funding agencies

State-owned Policy Banks

China Development Bank (CDB)

Receiving agencies

Private Sector

Seaspan YZJ 983 Ltd.
Seaspan YZJ 985 Ltd.
Seaspan YZJ 993 Ltd.

Implementing agencies

Private Sector

Jiangsu New Yangzi Shipbuilding Co., Ltd.
Jiangsu Xinfu Shipbuilding Company Ltd.

Loan description

China Development Bank provides $223.8 million loan to Seaspan Corporation subsidiaries to acquire three 10000 TEU newbuilding vessels

Interest type•Unknown

Narrative

Full Description

Project narrative

On July 3, 2012, China Development Bank entered into a secured loan agreement worth up to $223,800,000 with Seaspan Corporation's three subsidiaries: Seaspan YZJ 983 Ltd., Seaspan YZJ 985 Ltd., and Seaspan YZJ 993 Ltd.. The purpose of this loan was to finance three 10000 TEU newbuilding vessels. Certain financial obligations of the subsidiaries to the Chinese bank under this loan facility are supported by a conditional guarantee. The borrowing terms are unknown. These vessels are being constructed by New Jiangsu and Jiangsu Xinfu, and are scheduled to be delivered in 2014. The vessels will be chartered to Hanjin for a period of 10 years, plus an additional two years at the option of Hanjin. The implementation status is unknown.