PIL, IBM to Implement Electronic Bill of Lading
Singapore’s containership operator Pacific International Lines (PIL) collaborates with IBM Singapore in another blockchain trial to design and create an electronic bill of lading which will significantly enhance the documentation process in supply chain management.The PIL-IBM collaboration was supported by Maritime and Port Authority of Singapore, Singapore Shipping Association, Infocomm Media Development Authority, Singapore Customs (National Trade Platform), and Bank of China Limited Singapore Branch (BOC).A Bill of Lading is the crucial piece of documentation in the facilitation of international trade as it contains legal and commercial information such as: Evidence of contract of carriage…
ICTSI Australia Secures AUD398 Mln Loan
On July 15, 2016, Victoria International Container Terminal (VICT) signed a syndicated loan facility worth AUD 398 million (approximately USD 300 million) with seven leading global financial institutions, namely: Citibank N.A., KFW IPEX-Bank, Standard Chartered Bank as Mandated Lead Arrangers and Bookrunners, Bank of China Limited, DBS Bank Ltd., Investec Bank PLC as Mandated Lead Arrangers, and Cathay United Bank as Lead Arranger. The facility provides significant financial flexibility with long-dated tenors of 7, 10, and 16 years. Finnvera, the Finland based export credit agency, also participated in the transaction by providing a guarantee for a portion of the facility.
Vale Completes Sale of 4 Ore Carriers to Chinese Consortium
Brazilian iron ore miner Vale SA said late on Tuesday in a filing it had completed the sale of four very large ore carriers (VLOC), also known as Valemax class ships, to a consortium lead by ICBC Financial Leasing. ICBC is a subsidiary of the Industrial and Commercial Bank of China Limited. The deal was valued at $423 million and the resources were transferred to Vale on Tuesday. Each VLOC has the capacity to carry 400,000 tonnes of ore. Reporting by Reese Ewing
Vale to Build 12 Very Large Ore Carriers
Vale announced that it has entered into agreements with The Export-Import Bank of China and the Bank of China Limited for the financing to build 12 very large ore carriers with 400,000 dwt (Chinamax vessels) at the Rongsheng Chinese shipyard. The two Chinese financial institutions will provide a credit line of up to $1.2b, which corresponds to 80% of the amount required to fund the construction of the vessels. The credit line has a 13-year total term to be repaid, and the funds will be disbursed during the next 3 years according to the construction schedule. This agreement is part of a broader financing package for our investment program involving official credit institutions from several countries.
