The Japan Bank for International Co-operation (JBIC) has co-financed a loan for three bulk carriers.

The total volume of the transaction is US$81.1mn, half of which has been contributed by Citibank, Japan. The commercial tranche of the finance is covered by Nippon Export and Investment Insurance (Nexi), which provides buyer’s credit insurance.

The borrower is U-Ming, who will purchase the carriers from Oshima Shipbuilding Company of Japan.