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Overview

China Eximbank contributes to a $111 million USD syndicated loan to Angelicoussis Shipping Group Ltd. for the acquisition of three 114,500 DWT mini-capesize vessels

Commitments (Constant USD, 2023)$71,380,685
Commitment Year•2010Country of Activity•GreeceDirect Recipient Country of Incorporation•Cayman IslandsSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 2, 2010
Start (planned)
Jan 1, 2011
Start (actual)
Jan 1, 2011
End (planned)
Oct 1, 2011
End (actual)
Sep 1, 2011

Geospatial footprint

Map overview

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This loan supported the acquisition of three 114,500 DWT mini-capesize vessels by Maran Dry Management Inc., which is headquartered at 216-226 Doiranis street, Kallithea, Athens, Greece, 17674. Maran Dry Management Inc. is a subsidiary of Angelicoussis Shipping Group Ltd., which is headquartered at the same address. More detailed locational can be found at: https://www.openstreetmap.org/way/697893197

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)

Cofinancing agencies

Private Sector

  • DNB Bank ASA (formerly DnB NOR ASA)

Receiving agencies

Private Sector

  • Angelicoussis Shipping Group Limited (ASGL)

Loan description

2010 syndicated $111 million USD loan from China Eximbank for the acquisition of three 114,500 DWT mini-capesize vessels

Interest type•Unknown

Narrative

Full Description

Project narrative

In October 2010, under witness of Prime Minister of Greece George Papandreou and Chinese Prime Minister Wen Jiabao, the Export-Import Bank of China and DnB NoR ASA (now known as DNB ASA) signed a $111 million USD senior secured syndicated term loan facility agreement with Greek shipping company Angelicoussis Shipping Group Ltd. (ASGL) for the purchase of three mini-capesize ships. DNB NoR acted as the Coordinating Bank. DNB NoR and China Eximbank both served as Mandated Co-Lead Arrangers. DnB NOR also served as the facility agent and trustee. The facility was to be used by the borrower to partially finance the acquisition of three 114,500 deadweight tonnage (DWT), $56.4 million USD bulk carriers that were to be delivered in January 2011, June 2011, and October 2011, respectively. The mini-capesize vessels were produced by a Chinese shipbuilder at Shanghai Shipyard. In 2011, the fleet of Maran Dry Management Inc., a subsidiary of ASGL, saw the addition of four ~114,000 DWT mini-capesize vessels built at Shanghai Shipyard: Maran Dawn (January 2011), Maran Sky (March 2011), Maran Sun (July 2011), and Maran Ocean (September 2011). While it is unclear which specific vessels were procured via the China Eximbank loan, it is apparent that this project was completed sometime between January 2011 and September 2011.

Staff comments

1. China Eximbank and DNB Nor’s respective contributions to this syndicated loan are unknown. For the time being, AidData has estimated China Eximbank's contribution by assuming each member of the syndicate contributed equally ($55,500,000 USD). 2. This loan agreement was signed during Chinese Prime Minister Wen Jiabao's visit to Greece, which was from October 2 to October 3, 2010 (see "China's Wen offers to buy Greek debt"). The specific date of signing is unknown; for now, AidData has coded the earlier date, October 2, as the commitment date and checked the commitment_field_estimated? field to True. 3. There are multiple Chinese shipbuilding companies based at Shanghai Shipyard. It is unclear which specific was responsible for constructing the vessels financed by this loan. This issue merits further investigation.