North Western Shipping Company Follow-on Loan



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Approval date:

27 Apr 1999



PSD disclosed:

09 Apr 1999

Project Description

US$ 3.4 million (EUR 3.1 million) follow-on loan to a subsidiary of North-Western Shipping Company (NWSC). Cumulative exposure to NWSC after disbursement will be US$ 21.9 million.

The original project was not completed due to time delays that resulted in the cancellation of the final tranche of the original loan. This loan provides funds for safety upgrading of vessels and other working capital purposes.

Transition Impact

The loan will support the restructuring of NWSC, which will have a substantial impact on the transition process.

The Client

The loan is to a NWS Ten Balt Shipping Company, a special-purpose Cyprus-based subsidiary of NWSC. NWSC, together with North-Western Fleet (NWF), its ship-owning subsidiary, are acting as sponsors and guarantors. The ships will be managed by NWF in St. Petersburg.

EBRD Finance

US$ 3.4 million (EUR 3.1 million) senior loan. The original transaction was syndicated; the new loan will be solely for the account of the EBRD.

Project Cost

US$ 21.9 million (EUR 20.0 million)

Environmental Impact

The sponsor has confirmed, through inspection reports, that the vessels involved in this operation are in good condition and comply with the conditions of class, including both the MARPOL (Marine Pollution) and SOLAS (Safety of Life at Sea) conventions. The sponsor will be required to ensure that all ships continue to be operated and maintained in accordance with international requirements, and to report to the Bank annually on issues related to environment, health and safety.

Technical Cooperation



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