China Development Bank provides $223.8 million loan to Seaspan Corporation subsidiaries to acquire three 10000 TEU newbuilding vessels
Commitment amount
$ 262768852.2638041
Adjusted commitment amount
$ 262768852.26
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Marshall Islands
Sector
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
Yes
Category
Project lifecycle
Description
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.
Number of official sources
5
Number of total sources
5
Details
Cofinanced
No
Direct receiving agencies [Type]
Seaspan YZJ 983 Ltd. [Private Sector]
Seaspan YZJ 985 Ltd. [Private Sector]
Seaspan YZJ 993 Ltd. [Private Sector]
Implementing agencies [Type]
Jiangsu Xinfu Shipbuilding Company Ltd. [Private Sector]
Jiangsu New Yangzi Shipbuilding Co., Ltd. [Private Sector]