AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
On 20 August 2012, the Japan Bank for International Cooperation (JBIC) agreed with two Cyprus companies (Nordose Navigation Company Ltd. and Nordtulip Navigation Company Ltd.) to offer two loans for the purchase of two tankers.
The loans amount to JPY 3 billion (USD 30.19 million) and JPY 2.6 billion (USD 26.17 million) respectively and are co-financed with Sumitomo Mitsui Banking Corporation., whose portion is insured by Nippon Export and Investment Insurance (NEXI).
The loans are granted to purchase two Aframax tankers to be built at Yokosuka Shipyard, Japan, by a Japanese Company.
The JBIC argued that 'amid continued constraints to structure ship finance across the world, this loan will provide financial support for the export of ships built in Japanese shipyards, thereby contributing to maintaining and improving the international competitiveness of the Japanese shipbuilding 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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