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Overview

China Eximbank provides approximately $112 million in term loan financing to Torm A/S

Commitments (Constant USD, 2023)$112,705,185
Commitment Year•2018Country 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, 2018
Last repayment (originally scheduled)
Dec 29, 2029

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

China Eximbank provides approximately $112 million in term loan financing to Torm A/S

Interest rate (t₀)•4.78%Interest type•Variable Interest RateMaturity•12 years

Narrative

Full Description

Project narrative

In 2018, the Export-Import Bank of China (China Eximbank) provided at least $112 million in term loan financing to Torm A/S for unknown purposes. The loan had a maturity of twelve (12) years, due in 2030. The interest rate was floating. According to Torm A/S annual reports, the yearly effective interest rates and principal amounts of the loan respectively followed this schedule: 5.3% and $111.7 million in 2018; 4.4% and $104 million in 2019; 3.2% and $96.4 million in 2020; 4.0% and $44.9 million in 2021; and 7.0% and $41.1 million in 2022.

Staff comments

1. AidData is currently estimating the average interest rate of the loan (4.78%) by dividing the sum of all reported effective interest rates (23.9%) by the number of reported effective interest rates (5). 2. 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.