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.
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.
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.
A senior loan of up to USD 20 million, to be structured as an A/B loan.
USD 34 million.
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.
Black Sea Shipping Management Company
23 Armiyska Street,
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