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ECA to the Rescue
Undeniably, export credit agencies (“ECAs”) has played an important role in satisfying part of the financing gap needed by the shipping industry. In China, China Exim Bank plays an instrumental role in supporting the maritime industry, having granted shipping/shipbuilding related loans of over RMB 102.5 billion (USD 15 billion) in the domestic currency and USD 7.45 billion in greenback at the end of 2008. In 2009, the policy bank extended a USD 389 million, 12 year secured facility to New York listed Overseas Shipholding Group (“OSG”), in its first ever loan facility to a US company. It would be nearly impossible to secure a 12 year ship finance loan today, let alone this quantum from a single financial institution.
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Tags: · Bank of China, China Exim Bank, China Export & Credit Insurance Corporation, ECAs, export credit, Export-Import Bank of Korea, Guangzhou Shipyard, Japan Bank for International Cooperation, JBIC, KEIC, KEXIM, Korea Export Insurance Corporation, MR product tankers, OSG, Overseas Shipholding Group, Sinosure, Societe Generale, Torm, Turkiye Is Bankasi
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