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Overview

China Eximbank contributes to $291.8 million term loan to Stolt-Nielsen for the acquisition of 5 oceangoing vessels

Commitments (Constant USD, 2023)$150,856,411
Commitment Year•2013Country of Activity•BermudaDirect Recipient Country of Incorporation•BermudaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 15, 2013
Last repayment (originally scheduled)
Aug 13, 2023

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

  • Standard Chartered Bank PLC

Receiving agencies

Private Sector

  • Stolt-Nielsen Limited

Loan description

China Eximbank contributes to $291.8 million term loan to Stolt-Nielsen for the acquisition of 5 oceangoing vessels

Interest rate (t₀)•4.94%Interest type•Fixed Interest RateMaturity•10 years

Collateral

5 newbuild oeangoing vessels

Narrative

Full Description

Project narrative

On August 15, 2013, the Export Import Bank of China (China Eximbank) contributed an estimated $145.9 million to a $291.8 million term loan to Stolt-Nielsen for the acquisition of five (5) newbuilding oceangoing vessels. Standard Chartered Bank was the only other contributor to the loan. The loan had a maturity of ten (10) years and a fixed average interest rate of 4.94%. The loan was disbursed according to the following schedule: $57.2 million in 2016, $219.6 million in 2017, and $7.6 million in 2018. The loan was secured by the newbuilds. On February 16, 2022, Stolt-Nielsen repaid the loan with a $415 million sustainability-linked facility signed with a group of non-Chinese lenders.

Staff comments

1. Stolt-Nielsen Limited (the “Company” or “SNL”) and its subsidiaries (collectively, the “Group”), through its divisions, Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers (“STC”), is engaged in the worldwide transportation, storage and distribution of bulk liquid chemicals, edible oils, acids, and other specialty liquids. The Group is also engaged in the seafood business, which is carried out through Stolt Sea Farm (“SSF”), which produces, processes and markets turbot and sole. Furthermore, the Group has entered into investments across the bulk-liquid logistics and distribution field with its 8.3% investment in Odfjell SE and 9.8% investment in Ganesh Benzoplast Limited (“GBL”), liquefied natural gas (“LNG”) through its 47.2% holding of Avenir LNG Limited, its 2.5% holding of Golar LNG Limited and its 1.8% holding of Cool Company Limited (“CoolCo”) and land-based aquaculture through its 10.0% investment in The Kingfish Company NV (“Kingfish”). The Company is a limited liability holding company incorporated in Bermuda on June 11, 2010. The Company is listed on the Oslo Stock Exchange under the ticker symbol SNI and the registered address is Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda, with the registration number EC 44330. 2. For the time being, AidData is estimating Chinese contributions ($145.9 million) by dividing the total reported amount of financing ($291.8 million) by the amount of known lenders (2).