First Loan Facility Signed Between China Development Bank And Dryships Greek Company

XRTC Business Consultants Shipping Finance, Consultant of the China Development Bank Corporation, announced the signing of the Export Buyer Credit Syndicated facility between China Development Bank and Dryships that took place on February 13th, 2012 in Ningxia Province capital, Yinchuan.

The facility is part of the $5 billion Sino-Greek Shipping Finance Special Scheme that was announced by the Chinese Prime Minister Mr. Wen Jiabao during his visit to Greece in October 2010. The amount for the facility, which is $122.58m, covers the partial financing of the construction cost of 3 vessels of 206,000 dwt capacity, each currently under construction in Shanghai Jiangnan-Changxing by Dryships Inc with delivery estimated around 2013/2014.

The vessels will be classified by American Bureau of Shipping and China Classification Society. Lead Arranger Bank is China Development Bank/Ningxia Branch (CDB) and Co-Arranger is Bank of China/Ningxia Branch (BOC) while Bank of China/Zhejiang Branch participates as well, as a lender. XRTC acted as Project Advisor and Communication Agent while the law offices of Norton Rose and Papadimitriou & Partners contributed in the successful outcome of this loan facility.

In the signing ceremony organized by China Development Bank/Ningxia Branch in the capital of Ningxia province Yinchuan in North West of China, the following executives were present: Zhao Yaozhong-General Manager CDB/Ningxia, Ke Changwei-Deputy General Manager CDB/Ningxia, Wang Yongtang-President BOC/Ningxia Branch, Suo Haichuan/Assistant President BOC/Ningxia Branch, Liu Jian-GM BOC/Zhejiang Branch, Liang Jidong Manager of Global Cooperation Department of Ningxia Province, Zhao Hui, Representative of the CDB in Cyprus, Dimitris Nenes-Chief Operating Officer Oceanfreight Marine Inc, George Xiradakis-Managing Director XRTC Business Consultants and other executives from both banks.

(Source:http://www.hellenicshippingnews.com)