Sinosure- Making the finance happen in China. 2nd Annual Marine Money China Ship Finance Conference Shanghai, China November 17 th, 2011

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1 Sinosure- Making the finance happen in China 2nd Annual Marine Money China Ship Finance Conference Shanghai, China November 17 th, 2011

2 Brief Introduction of Sinosure China's only policy-oriented insurance company specializing in export credit insurance,established in 2001 Wholly state-owned, enjoy full faith & credit support from Chinese Government. Mandated to promote Chinese exports and investments. Fully backed by the state budget. Operate on long term break-even basis 2

3 Overall Business overview Sum Insured ( ) - in billion USD

4 Main products to support ship finance M/L and Leasing insurance Buyer s credit insurance Seller s credit insurance Overseas leasing insurance Short term export insurance Buyer s default insurance Specific contract insurance 4

5 Shipping sector (1)-M/L and Leasing sector (2009-1H2011) Policies Issued 77 Sum Insured 3.8 billion USD Breakdown by Insurance Product Breakdown by Vessel type 3% 7% 14% Tanker 47% 53% M/L(Buyer's Credit) Overseas Leasing 45% 31% Bulker Container Chemical Offshore 5

6 Shipping sector (2)- Short Term Insurance 7 6 Sum Insured by Short Term Insurance (in Billion USD) H 2011 Over 50 Chinese shipyards are our clients. 6

7 Risks covered by Sinosure Political risks Governmental restrictions or prohibitions on the exchange and remittance of foreign exchange Governmental prohibitions on imports Deferred payment decreed by government Civil war, rebellion and other political events Commercial risks bankruptcy the breach of contract the default of payment 7

8 M/L insurance- Buyer s credit insurance bank Buyer s credit insurance Sinosure mortgage buyer s credit Shipyard shipbuilding contract SPV charter agreement holding shipowner charter party 8

9 M/L insurance- Overseas Leasing insurance bank shipyard mortgage shipbuilding contract loan SPV lessor Overseas Leasing insurance Sinosure barecharter agreement charter agreement shipowner charter party 9

10 Conditions for M/L projects (1) Ship owner: stable business, healthy financial statement, good reputation Flag: white list in annual report by Memorandum of Understanding on Port State Control in the Asia-Pacific Region Ship form Classification society: LR, NK, GL, ABS, BV, RINA, CCS, DNV, KR, RS Chinese content: no less than 50% Financing percentage: up to 80% Tenor: generally no more than 10 years, could be extended to 12 years exceptionally 10

11 Conditions for M/L projects (2) Repayment schedule: equal and regular (half-yearly or quarterly) as a principle; balloon payment as an exception; balloon payment accounts for no more than 30% of the loan, and the tenor needs reduction correspondingly. Charter agreement: third party long term charter agreement are required for off-shore sector, with reasonable term and TCE/day rate; economic feasibility are required for those without long term charter agreement. Factors determining premium rate: country, shipowner and project. 11

12 Underwriting steps Letter of interest; Letter of intent ; Issuing policy. 12

13 Underwriting procedure Front stage:regional branches/business offices; Middle stage:underwriting department; Back stage:claim and recovery department. 13

14 Using Short Term Insurance to fill up the finance gap -- pre delivery Market goes down, pre delivery finance limited Owner inclines to decrease the payment percentage to the yard before delivery Buyer s Default Insurance Cover the cost loss risk of the Yard up to three years of construction; Mitigate buyer s risk and boost yard s confidence; Help yard get finance in the bank. 14

15 Using Short Term Insurance to fill up the finance gap -- post delivery (1) Finance Gap

16 Using Short Term Insurance to fill up the finance gap -- post delivery (2) Deferred Payment Agreement to finance the 5.4M gap Specific Contract Insurance Refinance for the Yard based on Sinosure insurance Specific Contract Insurance Cover up to 2 years deferred payment post delivery; Harmonize the relationship between yard and owner; Yard can transfer the risks and refinance in the bank. 16

17 Characteristics of Short Term Insurance Cover up to 90% of credit risk; Simpler internal procedure; Solve the imperative problems especially facing ongoing shipbuilding contract; More flexible payment terms can be considered in newbuilding contracts; Make more finance to shipowner. 17

18 Sinosure s main products for ship finance-summary Insurance Type Based on M/L term and leasing insurance Buyer's credit Insurance Overseas leasing Insurance loan agreement lease agreement Short term insurance Buyer's Default Insurance Shipbuliding contract Specific Contract Insurance Shipbuilding contract Insurant bank lessor shipyard shipyard Tenor(up to) 12 years 12 years 3 years (construction period) 2 years Coverage zone Main commercial risks covered (pre +) post delivery lender's default post delivery lessee's default pre delivery post delivery Buyer's default Buyer's default 18

19 Utilize Sinosure s products to provide more finance Mix the products- one project can utilize the short and M/L insurances to meet different finance requirements; Share credit risks with Sinosure to maximize the finance. 19

20 Thank you for your attention! Yang Cheng Project Insurance Dept. China Export & Credit Insurance Corporation- Shanghai Branch Tel: Fax :

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