AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
On 25 March 2013, the Japan Bank for International Cooperation (JBIC) agreed with Gearbulk Holding Limited (Bermuda) to offer an export credit line to finance the purchase of a cargo carrier of Japanese manufacture.
The credit amounts to USD 65.5 million, of which 23.5 provided by JBIC and the rest provided by Mizuho Corporate Bank, Ltd.
The loan is provided to finance purchase of a 72400 DWT type general cargo carrier, produced by Oshima Shipbuilding Co., Ltd. (OSC) in the Nagasaki Prefecture.
The JBIC reports that 'amid continued constraints to structure ship finance across the world, 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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