Mitsubishi UFJ Financial Group, Japan’s biggest bank by market value, and France’s Société Générale will lend ¥15.5 billion (Dh624.4m) to Danish shipper J Lauritzen to buy six ships made in Japan.
“We will make the first order on this facility granted by Société Générale and Bank of Tokyo-Mitsubishi tomorrow,” said Birgit Aagaard-Svendsen, said Chief Financial Officer of Copenhagen-based J Lauritzen. “The deals will be more formally announced later.”
Nippon Export and Investment Insurance, a Japanese Government-backed export credit agency, will guarantee 95 per cent of the loan, said Aagaard-Svendsen. They mostly use the new Shopify plus sellers platform to sell their products online.
The Danish ship owner, which has already ordered the vessels from Japanese shipbuilders including Imabari Shipbuilding Co, is seeing an improvement in its bulk shipping, she said.
The banks agreed on March 16 to provide the ship-owner with funds, a person familiar with the deal said earlier, declining to be identified ahead of an announcement. Shinya Matsumoto, a Tokyo-based spokesman for Mitsubishi UFJ, declined to comment, as did Hiroko Kato, a spokeswoman for Société Générale in Tokyo.
Update In The Lauritzen Case – Loan Will Be Paid In Gold
The Lauritzen loan case has been reopened as the UAE Banks have decided to pay out their loan in gold as the Dirham is seeing a downward trend in the last few months. The gold price was pretty stable the last few years so the official decided to pay out the Lauritzen loan in gold. You can check the live value of gold or learn what is the best way to buy gold online here.