Xingtong Green Loan (IFC-47788)

Countries
  • China
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
XINGTONG SHIPPING CO., LTD.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 59.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 85.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 13, 2025

Disclosed by Bank Sep 24, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, IFC proposes to provide a 10-year green loan package of RMB 431 million (c. US$59 million) from IFC’s own account to two wholly owned ship-owning subsidiaries of Xingtong Shipping Co., Ltd., a leading private company engaged in chemical shipping in China that has recently started expanding overseas. The loan package is to finance these two subsidiaries’ purchase of two new-build chemical tanker vessels (25,900 deadweight ton (“DWT”) each) that will be deployed in the international market. The Project Vessels are equipped with dual-fuel engines and are green methanol-ready, contributing to the green transition of the shipping sector. They will also be equipped with International Maritime Organization (“IMO”)-compliant ballast water treatment systems which would count as blue activities aligning with the Guidelines for Blue Finance.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project according to IFC's Policy on Environment and Social (E&S) Sustainability (2012) as it is expected to have limited adverse E&S impacts that are few, largely reversible and readily addressed through existing mitigation measures. The key E&S aspects include: E&S management systems (ESMS) as applied to Project Vessels; vessels’ inspection and certification status; capacity to operate, maintain and decommission/dismantle/recycle Project Vessels in accordance with the International Maritime Organization (IMO) conventions, ISM code, IFC PSs and flag state requirements; working & living conditions and occupational health and safety (OHS) for employees and contractors; emergency, oil and chemical spill management; shipboard petroleum product and chemical storage and handling; vessel’s waste management; crew community interaction during shore leave; security;  management of any impacts on sensitive coastal and marine environment; and company stakeholder engagement.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The total project cost is estimated to be US$85 million (RMB 616 million), which is to be financed by a combination of IFC loan and the Company’s equity.

IFC proposes to provide a 10-year green loan package of RMB 431 million (c. US$59 million) from IFC’s own account.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Xingtong Shipping Co., Ltd. is a leading private company engaged in chemical shipping in China that has recently started expanding overseas. 

The Chen family (Chen Xingming, Chen Qilong, Chen Qifeng and Chen Qide) collectively own 34.56% of the Company. Quanzhou Hehai Investment Partnership is the second largest shareholder with 10.8% ownership. Three Board directors (Ke Wenli, Zhang Wenjin, Wang Lianghua) collectively own 16.2%. The rest is owned by shareholders with less than 5% each.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Xingtong Shipping Co., Ltd. Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Xingtong Shipping Co., Ltd.
Mr. Musheng Huang
CFO
86-595-87777879
securities@xtshipping.cn
8/F, Xingtong Shipping Building, No. 295 Yifeng East Road, Quangang District, Quanzhou City, Fujian Province, China
www.xtshipping.net

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works