Narrative
Full Description
Project narrative
On November 1, 2013, ICBC International Leasing Co., Ltd. (ICBCL) signed a loan facility agreement worth USD 118,264,092 with IB Offshore Pte. Limited to finance the acquisition of a number of vessels. The repayment period of the loan is November 1, 2013 to December 31, 2026, for a 158 month (13.167 year) maturity period; the other details of the loan are unclear. The loan is one of several that IB Offshore Pte. Limited agreed to in order to finance this specific batch of vessels. While AidData is unable to identify the specific vessels financed under this loan agreement from ICBCL, the ships financed under this loan and the related loans include: “Bourbon Calm”, “Bourbon Clear”, “Bourbon Evolution 804”,“Bourbon Evolution 806”,“Bourbon Evolution 808”,“Bourbon Explorer 504”,“Bourbon Explorer 506”,“Bourbon Front”, “Bourbon Horus”, “Bourbon Liberty 104”,“Bourbon Liberty 106”,“Bourbon Liberty 108”,“Bourbon Liberty 153”,“Bourbon Liberty 154”,“Bourbon Liberty 157”,Bourbon Liberty 160”,“Bourbon Liberty 161”,“Bourbon Liberty 162”,“Bourbon Liberty 163”,“Bourbon Liberty 202”,“Bourbon Liberty 206”,“Bourbon Liberty 311”, “Bourbon Liberty 318”,“Bourbon Liberty 319”,“Bourbon Liberty 320” and “Bourbon Rainbow”.
Staff comments
1. ICBC International Leasing Company Limited (ICBCL) is a state-owned company in the People’s Republic of China (“PRC”), and is a wholly-owned subsidiary of Industrial and Commercial Bank of China (“ICBC”). ICBCL is in the business of ship leasing with strong roots in the maritime and offshore industry. ICBCIL Finance Co Limited is a subsidiary of ICBCL. 2. IB Offshore Pte. Limited was legally incorporated in Singapore June 19, 2013. 3. This loan may be associated with transactions concerning Bourbon's sale of ships to Sinopacific Shipbuilding Group.