JBIC Bankrolls Ultrabulk’s Newbuilding Pair

The Japan Bank for International Cooperation (JBIC) has agreed to finance two Handysize bulk carriers ordered by Ultrabulk Shipping A/S Group, a member company of Chile-based shipholding
group Naviera Ultranav Limitada (Ultranav), and operator of the group’s bulk carriers based in Denmark. The USD 37.3 million loan is co-financed by the Tokyo Branch of BNP Paribas Bank. Ultranav is a South American shipholding group that owns and operates mostly bulk carriers and tankers.

 These loans are intended to finance Ultrabulk Group’s purchase of two 36,780 DWT bulk carriers to be built by Oshima Shipbuilding Co., Ltd. in its Japanese shipyards. JBIC says that it will continue to support the export of ships built by Japanese shipbuilders in partnership with the Shipbuilders’ Association of Japan by drawing on its various financial facilities and schemes for structuring projects and performing its risk-assuming function.