Project description
and objectives:
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The proposed project provides a post-delivery term loan to finance part of the
acquisition/construction costs of 5 dry cargo newbuildings of about 5,500 dwt,
which are being built in Kherson shipyard, Ukraine. This Project is part of
the Company’s fleet renewal programme. The Project vessels will be employed
in the short-sea trade encompassing the Sea of Azov, the Black Sea and the
Mediterranean.
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Transition impact:
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The Bank’s involvement in the project will help to facilitate the
modernisation and development of the company, which has committed to improve
its shipping management practices to bring its operation in line with
international best practice. The Project is also expected to enhance safety
and environmental standards of the fleet, as well as promoting competition
through fleet renewal among other local ship-owners operating in this sector.
The Bank’s financing will also help to facilitate regional trade which relies
principally on shipping as a means of transportation.
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The client:
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The loan will be advanced to 5 special purpose offshore ship-owning companies
100% owned by a ship-holding company – all to be registered in a jurisdiction
acceptable to the Bank; and controlled by Black Sea Shipping Management
Company, a dry cargo shipping company based on Odessa.
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EBRD finance:
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A senior loan of up to USD 20 million, to be structured as an A/B loan.
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Total project cost:
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USD 34 million.
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Environmental impact:
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The project was screened C/1. The company will demonstrate to the Bank
pre-acquisition safety and environmental compliance of the project vessels,
with international maritime safety standards and regulations. As new ships
are delivered, the company will sell/scrap the old vessels. It will also
establish the relevant on-shore environmental health and safety procedures and
emergency response plans.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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Black Sea Shipping Management Company
Office 39,
23 Armiyska
Street,
Odessa,
65063, Ukraine
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EBRD contact:
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Joe Emanuele Colombano, Operation Leader: colombaj@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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