Overview

CMB Financial Leasing provides $37.3 million loan to Torm A/S

Commitments (Constant USD, 2023)$35,245,484

Commitment Year•2022Country 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, 2022

Last repayment (originally scheduled): Dec 29, 2032

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 companies

CMB Financial Leasing Co., Ltd. (CMB Financial Leasing) (CMBF) (CMBFL)

Receiving agencies

Private Sector

TORM A/S (now TORM plc)

Loan description

CMB Financial Leasing provides $37.3 million loan to Torm A/S

Interest rate (t₀)•4.9%Interest type•Fixed Interest RateMaturity•11 years

Narrative

Full Description

Project narrative

In 2022, CMB Financial Leasing (CMBFL), China Merchants Bank (CMB) wholly-owned financial leasing subsidiary, provided a $37.3 million loan to Torm A/S, according to the company's annual report. The loan had a maturity of eleven (11) years and a fixed interest rate of 4.9%. The loan facility included financial covenants related to minimum liquidity, minimum security value, and equity ration. The purpose of the loan is currently unknown.

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.