Taiwan’s Wan Hai Lines， the world’s 11th largest containerline， has secured financing for eight boxships it has under construction in Japan.

The Japan Bank for International Cooperation (JBIC) will provide buyer’s credit to Wan Hai Lines’s unit in Singapore for the 3，055 teu ships ordered at Nihon Shipyard the joint venture between Imabari and Japan Marine United (JMU).

The loan is co-financed by Citibank and Mizuho Bank in a deal covered by insurance from Nippon Export and Investment Insurance.

JBIC said the loan contributes to maintaining and increasing the international competitiveness of the Japanese shipbuilding industry.

“As a Japanese policy-based financial institution， JBIC， in collaboration with The Shipbuilders’ Association of Japan， will continue to provide financial support for the export of ships built by Japanese shipbuilders，” the state-owned financing vehicle added.

Wan Hai has 24 3，055 teu containerships on order across Nihon and JMU most of which are slated for delivery in 2023 and 2024.