Overview

Bank of China contributes to $267 million syndicated loan to J. Lauritzen for seven China-built tankers

Commitments (Constant USD, 2023)$114,466,324

Commitment Year•2010Country of Activity•DenmarkDirect Recipient Country of Incorporation•DenmarkSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2010

Last repayment (originally scheduled): Dec 30, 2019

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)

Cofinancing agencies

Private Sector

BNP Paribas S.A.
Société Générale S.A. (SocGen or Societe Generale)

Receiving agencies

Private Sector

J. Lauritzen A/S

Implementing agencies

State-owned companies

Guangzhou Shipyard International Co, Ltd. (GSI)

Insurance providers

State-owned companies

China Export & Credit Insurance Corporation (Sinosure)

Loan description

Bank of China contributes to USD $267 million syndicated loan to J. Lauritzen for the acquisition of seven China-built tankers in Denmark in 2010

Interest type•UnknownMaturity•10 years

Narrative

Full Description

Project narrative

In 2010, Bank of China (BOC) contributed an estimated $89 million to a $267 million syndicated loan to J. Lauritzen to finance the construction of five (5) MR tankers and two (2) LNG tankers. The loan had a maturity of ten (10) years and an unknown interest rate. BNP Paribas and Societe Generale also contributed to the loan. The loan was backed by a Sinosure credit insurance policy. The tankers were built at China's Guangzhou Shipyard, most likely by Guangzhou Shipyard International.

Staff comments

1. J. Lauritzen is a Danish shipping company with worldwide operations headquartered in Hellerup, Denmark. JL is a private company wholly owned by the Lauritzen Foundation, a Danish commercial foundation that is also the main shareholder of DFDS, one of Europe's largest ferry shipping and logistics company. 2. AidData is currently estimating the contribution of each Chinese state-owned entity to this project ($89 million) by dividing the total amount of financing ($267 million) by the number of known lenders (3).