ANNOUNCEMENT 10 Oct 2012In October 2012, the government of Japan announced a change in its trade finance instruments.
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Japan Bank for International Cooperation, Press Release:
On 10 October 2012, the Japan Bank for International Cooperation (JBIC) agreed with the Norwegian PGS Titans AS to offer two loans for the purchase of two vessels.
The loan is co-financed with Sumitomo Mitsui Banking Corporation, whose portion is insured by Nippon Export and Investment Insurance (NEXI).
The loan is granted to purchase two Ramform vessels (capable of high-accuracy, wide-range, 3D seismic data acquisition) to be built at Nagasaki Shipyard, Japan.
The JBIC argued that 'amid continued constraints to structure ship finance across the world, these loans 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.