Singapore / Buyer’s Credit Insurance for Export of RORO ships
Nippon Export and Investment Insurance
NEXI has decided to provide Buyer’s Credit Insurance for loans to a Singaporean subsidiary of Wallenius Lines AB, a major shipping company in Sweden, for purchase of two RORO ships built by Mitsubishi Heavy Industries, Ltd. The loan Agreement was signed on September 30.
The loans will be provided by Japan Bank for International Corporation (JBIC), the Bank of Tokyo-Mitsubishi UFJ, Ltd (BTMU), and BNP Paribas, Tokyo Branch (BNP). NEXI’s Insurance will cover the loans provided by BTMU and BNP.
With the financial market remaining tight, NEXI will provide support for exports of ships by Japanese shipbuilding companies with a reputation of high-quality technology.
Roll-on/Roll-off (RORO) ships have built-in ramps and are designed to carry wheeled cargo such as automobiles, trucks, trailers or railroad cars that are driven on and off the ships on their own wheels.
The two ships will be built as the world's largest RORO ships with economically and environmentally friendly features including ballast water management system.
|Exporter||Mitsubishi Heavy Industries, Ltd.|
|Insured||The Bank of Tokyo-Mitsubishi UFJ, Ltd.
BNP Paribas, Tokyo Branch
|Type of Insurance||Buyer’s Credit Insurance|
|Insurance Amount||About USD 116 million|
|Covered Risks||Political risks 97.5%
Commercial risks 95.0%