Overview

China Eximbank provides $170 million USD loan facility to Torm A/S to finance six MR newbuilding tanker vessels

Commitments (Constant USD, 2023)$218,643,540

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: Feb 1, 2010

Start (actual): Jan 1, 2010

End (actual): Dec 31, 2012

Last repayment (originally scheduled): Jan 30, 2018

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)

Receiving agencies

Private Sector

TORM A/S (now TORM plc)

Loan description

Export-Import Bank of China provides $170 million loan facility to Torm A/S to finance six MR newbuilding tanker vessels

Interest type•UnknownMaturity•8 years

Narrative

Full Description

Project narrative

On February 1, 2010, the Export-Import Bank of China (Eximbank) entered into a $170 million USD loan facility with Tom A/S to finance six medium range (MR) newbuilding tanker vessels with a size of approximately 52,000 dwt each. The facility had a maturity of eight years and an unknown interest rate. At some point, the maturity date was adjusted to a six year period, with the final payment due by December 31, 2016. By November 5, 2012, the loan's principal amount was reduced to $107 million. The vessels were delivered between 2010 and 2012.

Staff comments

1. Torm A/S is based in Copenhagen, Denmark. It is a shipping company that owns and operates product tankers. The company's product tankers carry refined oil products such as gasoline, jet fuel, naphtha and diesel oil.