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Overview

China Eximbank contributes to $75 million term loan facility to J. Lauritzen to partly finance the acquisition of three tanker vessels

Commitments (Constant USD, 2023)$38,773,923
Commitment Year•2013Country 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 28, 2013
Start (actual)
Jan 1, 2007
End (actual)
Sep 1, 2013

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

State-owned Banks

  • KfW IPEX-Bank GmbH

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

China Eximbank contributes to USD $75 million term loan facility to J. Lauritzen to partly finance the acquisition of three tanker vessels in Denmark in 2013

Interest type•Unknown

Narrative

Full Description

Project narrative

On January 28, 2013, the Export-Import Bank of China (China Eximbank) contributes an estimated $37.5 million to a $75 million syndicated term loan facility to J. Lauritzen to partly finance the acquisition of three (3) 50,200 dwt chemical/product oil tankers. KfW IPEX-Bank was the other lender. Other financial details about the loan are currently unknown. The loan was backed by a Sinosure credit insurance policy. The tankers were constructed by Guangzhou Shipyard International in China. The tankers had a collective estimated price of $141 million at the time of purchase. Two were ordered in 2007 and the third in 2010, and were scheduled to be delivered in April, June, and September of 2013 respectively. After delivery, the tankers were renamed "Freja Phoenix", "Leo", and "Libra".

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 ($37.5 million) by dividing the total amount of financing ($75 million) by the number of known lenders (2).