Overview

Bank of China provides USD 517 million buyer's credit loan to Pacific International Lines for the construction of 14 containerships

Commitments (Constant USD, 2023)$664,933,591

Commitment Year•2010Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2010

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 Commercial Banks

Bank of China (BOC)

Receiving agencies

Private Sector

Pacific International Lines (Pte) Limited (PIL)

Insurance providers

State-owned companies

China Export & Credit Insurance Corporation (Sinosure)

Loan description

Bank of China provides USD 517 million buyer's credit loan to Pacific International Lines for the construction of 14 containerships

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2010, Bank of China and Pacific International Lines (PIL), a Singaporean shipping line, agreed to terms on a USD 517 million buyer's credit loan to be used to finance the construction of fourteen new containerships for PIL. The terms of the loan are unclear, however according to Stephenson Harwood, the agreement is backed by Sinosure lease insurance policies, becoming the "first ship financing backed" by such an agreement.