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Overview

Bank of China contributes to $167.3 million loan facility to Torm A/S to finance six MR newbuilding tanker vessels

Commitments (Constant USD, 2023)$116,049,131
Commitment Year•2009Country of Activity•DenmarkDirect Recipient Country of Incorporation•Multiple JurisdictionsSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 27, 2009
Last repayment (originally scheduled)
Nov 26, 2015

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

  • Société Générale S.A. (SocGen or Societe Generale)

Receiving agencies

Private Sector

  • TORM A/S (now TORM plc)
  • TORM Singapore Pte Ltd

Insurance providers

State-owned companies

  • China Export & Credit Insurance Corporation (Sinosure)

Loan description

Bank of China contributes to USD $167.3 million syndicated loan facility to Torm A/S to finance six MR newbuilding tanker vessels in Denmark in 2009

Interest type•UnknownMaturity•6 years

Narrative

Full Description

Project narrative

On November 27, 2009, the Bank of China (BOC) contributed an estimated $83.65 million to a $167.3 million loan facility to Torm A/S and TORM Singapore Pte. Ltd. to finance six medium range (MR) newbuilding tanker vessels. Societe Generale also contributed to the loan. The loan had a maturity date of about six (6) years and an unknown interest rate. By November 5, 2012, the loan's principal had been reduced to $121 million. The loan was backed by a Sinosure credit insurance policy. The vessels were delivered between 2010-12.

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.