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”.