Overview

China Eximbank provides a $146.4 million USD loan to Angelicoussis Shipping Group Ltd. for the purchase of three Very Large Crude Carriers (VLCCs)

Commitments (Constant USD, 2023)$151,373,397

Commitment Year•2013Country 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: May 21, 2013

Start (planned): Jan 1, 2013

Start (actual): Aug 1, 2013

End (planned): Jan 1, 2014

End (actual): May 1, 2014

Geospatial footprint

Map overview

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This loan supported the acquisition of three Very Large Crude Carriers (VLCCs) by the Angelicoussis Shipping Group Ltd., which is headquartered at 216-226, Doiranis Street, 17674, Kallithea, Athens, Greece. 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)

Receiving agencies

Private Sector

Angelicoussis Shipping Group Limited (ASGL)

Implementing agencies

State-owned companies

Shanghai Waigaoqiao Shipbuilding Co., Ltd. (SWS)

Loan description

China Eximbank provides a $146.4 million USD loan to Angelicoussis Shipping Group Ltd. for the purchase of three Very Large Crude Carriers (VLCCs)

Interest type•Unknown

Narrative

Full Description

Project narrative

On May 21, 2013, the Export-Import Bank of China signed a $146.4 million USD (€113 million EUR) secured term loan facility agreement with Greek shipping company Angelicoussis Shipping Group Limited (ASGL) to finance ASGL's order of three deadweight tonnage (DWT) 319,000 Very Large Crude Carrier (VLCCs) constructed by Shanghai Waigaoqiao Shipbuilding Co. (SWS). The ordered vessels were slated for delivery sometime between 2013 and 2014. In 2013 and 2014, the fleet of Maran Tankers Management Inc., a subsidiary of ASGL, saw the addition of the three ~319,000 DWT ships: Maran Cleo (August 2013), Maran Libra (March 2014), and Maran Leo (May 2014).