IMC scores Japanese financing

IMC scores Japanese financing

Singapore-based shipping line IMC has tapped the Japan Bank for International Cooperation (JBIC) and others in Japan for $120m in financing for four multipurpose ships it is building at Oshima Shipbuilding. JBIC will provide $60m with Citibank and BNP Paribas providing the remainder. Nippon Export and Investment Insurance (NEXI) is providing insurance for the portion co-financed by the commercial financial institutions. IMC, run by the Tsao family and best known for its dry bulk and chemical tanker operations, has ordered two 64,400 dwt and two 64,300 dwt MPPs at Oshima.

JBIC said the loans will contribute “to maintaining and strengthening the international competitiveness of the Japanese shipbuilding industry”.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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