Overview

China Development Bank provides a $74.165 million USD loan to Cardiff Marine for the acquisition of a tanker

Commitments (Constant USD, 2023)$84,288,311

Commitment Year•2011Country of Activity•GreeceDirect Recipient Country of Incorporation•LiberiaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 1, 2011

End (planned): Jan 1, 2011

Last repayment (originally scheduled): Aug 29, 2021

Geospatial footprint

Map overview

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This project supports the loan to Cardiff Marine Inc., which is headquartered in Maroussi, Greece. The specific address is 80 Kifissias Ave, Omega Building, Maroussi, 15125, 151 25, Greece. More detailed locational information can be found at: https://www.openstreetmap.org/way/440702269

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

China Development Bank (CDB)

Receiving agencies

Private Sector

Cardiff Marine Inc.

Implementing agencies

State-owned companies

Shanghai Jiangnan Changxing Shipbuilding Co., Ltd.

Insurance providers

State-owned companies

China Export & Credit Insurance Corporation (Sinosure)

Loan description

China Development Bank provides a $74.165 million USD loan to Cardiff Marine for the acquisition of a tanker

Interest type•UnknownMaturity•10 years

Narrative

Full Description

Project narrative

In 2009, Cardiff Marine Inc., a Greek shipping company, ordered two 297,000 deadweight tonnage (DWT) doubled-hulled oil tankers from Shanghai Jiangnan Changxing Shipbuilding Co., Ltd. China Development Bank (CDB) promised to provide a medium and long-term $74.165 million USD loan with a maturity period of 10 years to support this acquisition. Then, in October 2010, during Chinese Premier Wen Jiabao's visit to Greece, CDB and Cardiff Marine signed an agreement on the provision of a loan for the acquisition. Then, in September 2011, CDB and Cardiff Marine signed the loan agreement. This loan was backed by a Sinosure credit insurance policy. The loan covered 70% of the value of the $107 million USD contract for a newbuilding 296,400 DWT Very Large Crude Carrier (VLCC) under construction at Shanghai Jiangnan. The vessel was scheduled to be delivered in 2011. This was reportedly the first Greek ship financing project entirely led by a Chinese financial institution.