Japan Bank to finance loans for two bulk ships

Japan Bank to finance loans for two bulk ships The Japan Bank for International Cooperation said Thursday it has signed two buyer's credit agreements for up to $56 million with Thor Friendship Shipping Pte Ltd. and Thor Fortune Shipping Pte Ltd., both Singaporean subsidiaries of Thoresen Thai Agencies Public Co. Ltd., one of Thailand's largest maritime groups.
   The loans were given to fund the purchase of two dry bulk carriers by Sumitomo Corp. of Singapore. The carriers will be built by Oshima Shipbuilding Co. Ltd. and chartered to Thor Friendship and Thor Fortune.
   'In recent years, a worldwide increase in the international shipping of such cargo as iron ore, coal, grains and minor bulk products has raised demand for dry bulk carriers and other general cargo vessels,' JBIC said in a statement. 'Against this backdrop, ship export industries, particularly in Japan, Korea and China, have been competing fiercely to win orders. To support Japanese ship exports in competing with their counterparts in other countries, JBIC has provided these long-term buyer's credits by relying on the credit standing of the importers and their parent company, TTA.'
   The loans were co-financed with Soci't' G'n'rale's Tokyo Branch.