China Eximbank provides $94.017 million buyer's credit loan to Navigation Maritime Bulgare for the acquisition of six bulk carriers

On July 2017, Navigation Maritime Bulgare AD (NAVIBULGAR or Navibulgar Shipping Company), a private Bulgarian shipping company, placed an order for four bulk carriers from China. In October 2017, NAVIBULGAR placed an order for an additional two vessels. Then, on July 6, 2018, during the Seventh Annual Meeting of China's and Central and Eastern Europe's (CEE)'s Heads of Governments under the 16+1 framework and in the presence of Chinese Premier Li Keqiang and Prime Minister of Bulgaria Boyko Borissov, China Eximbank signed a $94.017 million buyer's credit loan agreement with NAVIBULGAR to finance the acquisition of the previously-ordered six 45,000 deadweight tonnage (DWT) Handymax bulk carriers. The borrowing terms of the loan are unknown. The agreement was seen as an important step in the implementation of the Belt and Road Initiative (BRI). The ships were designed to energy-efficient and environmentally-friendly. The bulk carriers are 190 meters long, with a draft of 10.8 meters and the largest cabin capacity of similarly-sized ships. They ships have 30% lower fuel consumption than vessels with the same DWT. They also feature larger cargo spaces to increase their efficiency. The vessels are also ice-class, capable of traveling through sea ice 40 centimeters thick without assistance from an icebreaker or other ship, allowing to sail through the North Atlantic Ocean and Baltic Sea. NAVIBULGAR planned to name the six ships after Вulgаrіаn mоuntаіnѕ аnd реаkѕ, including Рlаnа, Midjur, Маlуоvіtѕа, Вuzludzhа аnd оthеrѕ. Jiangsu New Yangzi Shipbuilding Co., Ltd. (owned by Jiangsu Yangzijiang Shipbuilding Group Ltd.) was responsible for constructing the ships. It used a brand new design, BlueTech 45, courtesy of Finnish company Bluetech Finland Ltd. The engine was produced by South Korean company Doosan. Clarkson PLC (Clarksons) served as the broker of the ships. The China Classification Society (CCS) supervised the construction process of several of the ships. The first ship was expected to begin sailing by mid-2019. The first vessel, the ‘Plana,’ was laid down on September 10, 2018. It was completed on July 30, 2019. The second vessel, the ‘Midjur,’ was completed on September 25, 2019. The third vessel, ‘Buzludja,’ was laid down on July 29, 2019. It was completed on December 9, 2019. The fourth vessel, ‘Malyovitsa,’ was completed on May 27, 2020, despite the outbreak of the COVID-19 pandemic. The fifth vessel, the "Milin Kamak," was launched on April 9, 2020. It was the first vessel in NAVIBULGAR's fleet equipped with a scrubber (an exhaust gas cleaning system designed to minimize air pollution). It was completed on June 24, 2020. The sixth and final vessel, ‘Okolchitsa,’ was launched on April 30, 2020. It also featured a scrubber. It was completed on August 17, 2020.

Number of official sources

13

Number of total sources

17