Iranian NITC said in Tehran that they gained a huge loan from Chinese banks in August of 2009, to the tune of $1.2bn.

NITC intends to build 12 VLCCs in two Chinese shipbuilders.

Chairman of NITC expressed that the loan mostly came from China Eximbank. He refused to reveal more details such as other banks' names and rate of interest. He said NITC would pay 10% deposit in advance and got 90% from banks.

Chinese banks, which are basically national financial institutes, usually offer loans at low rate. NITC definitely gains benefits from them.

NITC will order 12 VLCCs in Shanghai Waigaoqiao Shipbuilding (SWS) and Dalian Shipbuilding Industry Corporation (DSIC) at $103m per unit, to be delivered during 2011 to 2013.

Originally NITC planned to order VLCCs from Korean shipyards but Korean banks could just provide 50% loans due to tight policy then. In tradition, shipowners could get 80% support in Korea.

European financial institutes expressed 'no precedent' on NITC's finance arrangement. In general, the ratio stands among 65%/35% to 70%/30%.

NITC also said they had investigated Chinese yards during their visit to China.

China may also become the lucky guy for Iranian LNG carrier order in near future.