14.09.2006 - Signing of contract for large order with china’s Prime Minister in the chancellery
Innovative financing with Chinese export bank secures long term favourable interest.
(Hamburg, 14.September 2006) HAMMONIA Reederei GmbH & Co. KG and its affiliated company Hellespont Hammonia GmbH & Co. KG, both associated companies of HCI Capital AG (HCI) and Peter Döhle Schiffahrts-KG, have ordered eight modern container vessels and six modern tankers at a yard in China . All of them are first time partially financed by a German issuing house and the Export-Import Bank of China (CEXIM) for a so called “KG-Financing”. The major agreement, which was developed by Hammonia Reederei together with the banks, where signed in the chancellery in Berlin during a visit of the Chinese Prime Minister, Wen Jiabao. In the presence of chancellor Angela Merkel and the federal minister Steinmeier and Glos, Mr. Harald Christ, chairman of HCI and Mr. Li Ruogu, president of CEXIM, signed the contract documents.
The contracts regulate the long term financing of the eight container vessels ordered by HAMMONIA Reederei as also the tankers ordered by Hellespont Hammonia in China. Besides the state-owned Export bank of China, the HSH Nordbank AG, the Kreditanstalt für Wiederaufbau and the Bayerische Hypo- und Vereinsbank AG, participated in this financing. The whole volume of the project amounts to 620 Million Dollars. “We are the first German issuing house which decided on this innovative way in shipping financing” Harald Christ said. Thereby the investors of the planned HCI shipping involvements also profit from which the equity capital for the vessels should be acquired. The CEXIM financed one part of the dept capital with a fixed interested rate. This fixed interest (CIRR) rate is set by OECD as a minimum interest rate for government-founded financing. This interest reference rate secures the vessels which are projected by HAMMONIA with long term stable and favourable financing conditions. The participation of the state export bank supports furthermore the smooth flowing and handling of these transactions.
