U-Ming Closes $81m Loan to Finance Newbuildings

The Japan Bank for International Cooperation (JBIC) has signed three buyer’ s credit agreements totaling up to about $40.5 million (JBIC portion) for funding the purchase of three bulk carriers with U-Ming Marine Transport (Singapore) Private Limited (UMS) in Singapore.

UMS is a wholly-owned subsidiary of Taiwan’ s leading shipping operator U-Ming Marine Transport Corporation (U-Ming). Each loan is cofinanced with Citibank Japan Limited (Citibank). The overall cofinancing amount for three bulk carriers is about $81.1 million.

These loans will finance U-Ming to purchase from Sumitomo Corporation three of 84,000DWT class bulk carriers being built by Oshima Shipbuilding Company Limited in their domestic shipyards.

Amid continued constraints to structure ship financing across the world, these loans will provide financial support for the export of ships built in Japanese shipyards, thereby contributing to maintaining and improving the international competitiveness of the Japanese shipbuilding industry.

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Press Release, September 17, 2013