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Overview

China Eximbank provides $115.2 million credit facility to Torm A/S to finance four LR newbuild tanker vessels

Commitments (Constant USD, 2023)$125,651,125
Commitment Year•2016Country 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
Jul 8, 2016
Last repayment (originally scheduled)
Jul 7, 2020

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)

Guarantors

Private Sector

  • TORM A/S (now TORM plc)
  • TORM PLC

Loan description

China Eximbank provides $115.2 million credit facility to Torm A/S to finance four LR newbuild tanker vessels

Interest rate (t₀)•3.1874%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•4 years

Narrative

Full Description

Project narrative

On July 8, 2016, the Export-Import Bank of China (China Eximbank) provided a $115.2 million credit facility to Torm A/S to finance four (4) long range (LR) newbuilding tanker vessels. The loan was paid directly to Vesselco 9 Pte. Ltd., a special purpose vehicle (SPV) owned by Torm A/S, and guaranteed by both Torm A/S and Torm PLC. The loan had a maturity of about four (4) years and an interest rate of 225bps (2.25%) plus the contemporary LIBOR. The vessels were scheduled for delivery through 2017-18.

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.