Greece / Buyer's Credit Insurance for Export of Post-Panamax Bulk Carriers

June 16, 2011

Nippon Export and Investment Insurance

 NEXI has decided to provide Buyer’s Credit Insurance for loans for Safe Bulkers, Inc., a Greece-based shipping company, to purchase three Post-Panamax bulk carriers by way of its subsidiaries in Marshal Islands. The carriers are built by a Japanese shipbuilder.

 The loan agreements were signed on May 31 among the parties. The Loan will be provided by Japan Bank for International Corporation (JBIC) and Citibank, Japan Ltd. NEXI’s Insurance will cover the portion provided by Citibank, Japan Ltd.

 NEXI will continue to support exports of vessels by Japanese shipbuilding companies with an excellent reputation for high and eco-friendly technology.



Exporter ITOCHU Corporation
Insured Citibank, Japan Ltd
Type of Insurance Buyer's Credit Insurance
Insured value About USD 61 million
Covered Risks Political risk 97.5%
Commercial risk 95.0%