The government-affiliated Japan Bank for International Cooperation said on Thursday that it has signed a loan agreement worth about $47.4 million to support the export of a Japanese vessel to a Singaporean shipping firm.
The loan agreement was signed Wednesday with Tata NYK Shipping Pte, a 50-50 joint venture between Tata Steel, India’s largest steelmaker, and Nippon Yusen Kabushiki Kaisha, Japan’s largest shipping firm. The loan was co-financed with Japan’s Mizuho Corporate Bank.
According to JBIC, the loan will finance Tata NYK Shipping’s purchase of a 60,000 deadweight ton bulk carrier to be built by Oshima Shipbuilding, a shipbuilder based in Saikai City, Nagasaki Prefecture, western Japan.
Tata NYK Shipping will purchase the bulk carrier from major Japanese trading house Sumitomo, said JBIC, one of the world’s largest international financial institutions.
It is the second loan agreement signed by JBIC and Tata NYK Shipping in four months. In late March, JBIC provided a similar amount of loan to finance the Singaporean firm’s purchase of a 60,600 dwt bulk carrier, which is also to be built by Oshima Shipbuilding, from Sumitomo.
Japan, the world’s second-largest economy and one of the world’s top shipbuilding nations along with South Korea and China, started providing financial support through JBIC this year to shore up slumping vessel exports amid flagging demand from ship owners.
The loan agreement was signed Wednesday with Tata NYK Shipping Pte, a 50-50 joint venture between Tata Steel, India’s largest steelmaker, and Nippon Yusen Kabushiki Kaisha, Japan’s largest shipping firm. The loan was co-financed with Japan’s Mizuho Corporate Bank.
According to JBIC, the loan will finance Tata NYK Shipping’s purchase of a 60,000 deadweight ton bulk carrier to be built by Oshima Shipbuilding, a shipbuilder based in Saikai City, Nagasaki Prefecture, western Japan.
Tata NYK Shipping will purchase the bulk carrier from major Japanese trading house Sumitomo, said JBIC, one of the world’s largest international financial institutions.
It is the second loan agreement signed by JBIC and Tata NYK Shipping in four months. In late March, JBIC provided a similar amount of loan to finance the Singaporean firm’s purchase of a 60,600 dwt bulk carrier, which is also to be built by Oshima Shipbuilding, from Sumitomo.
Japan, the world’s second-largest economy and one of the world’s top shipbuilding nations along with South Korea and China, started providing financial support through JBIC this year to shore up slumping vessel exports amid flagging demand from ship owners.