TCC wins JBIC backing

Tai Chong Cheang Steamship Group (TCC Group) has secured export credit finance for two panamax bulkers on order in Japan.

The two loans have been arranged by the Japan Bank for International Cooperation (JBIC) and will be co-financed with the Tokyo Branch of BNP Paribas Bank (lead arranger) and Sumitomo Mitsui Trust Bank.

Tokyo-based JBIC said the overall co-financing amount of each loan adds up to $24m and about $23.7m for each of the ships.

The JBIC portion of the financing amounts to $12m and about $11.8m respectively, it said in a statement.

Nippon Export and Investment Insurance (NEXI) is providing insurance for the portion co-financed by private financial institutions.

The loans are intended to finance two 76,500-dwt bulkers ordered by the TCC Group through Sumitomo Corp and built by Imabari Shipbuilding.

“These loans are intended to support the export of ships built by Japanese shipbuilders which perform a significant role in the regional economy and associated industries, including mid-tier enterprises and small and medium-sized enterprises,” JBIC said.

“Thus, these loans will contribute to maintaining and strengthening the international competitiveness of the Japanese shipbuilding industry.”

TCC, one of Hong Kong’s oldest shipping companies, operates a fleet of 13 vessels comprising 10 bulkers and three tankers.