AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
On 25 March 2013, the Japan Bank for International Cooperation (JBIC) agreed with Gearbulk Shipowning Limited (Bermuda) to offer an export credit line to finance the purchase a cargo carrier.
The credit line amounts to USD 65.5 million, of which 23.5 million are provided by JBIC and the rest by Mizuho Corporate Bank, with buyer's credit insurance provided by the Nippon Export and Investment Insurance (NEXI). The crdit line is granted to purchase a 72400DWT open type general cargo carrier to be built by the Japanese Oshima Shipbuilding Co. Ltd.
The JBIC reported that 'this loan will provide financial support for the export of ships built by Japanese shipyards and shipping business of overseas joint ventures of Japanese companies, thereby contributing to maintaining and improving the international competitiveness of the Japanese shipbuilding and shipping industry'.
The JBIC is a public financial institution and export credit agency created on 1 October 1999 through the merger of the Japan Export-Import Bank and the Overseas Economic Cooperation Fund.
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