Xpress Feeders (IFC-46729)

Regions
  • East Asia and Pacific
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • China
  • India
  • Singapore
Geographic location where the impacts of the investment may be experienced.
Specific Location
China-India Route
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Approved
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."
Voting Date
Jun 2, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
X-PRESS FEEDERS PTE 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
  • Transport
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)
$ 70.00 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.
Loan Amount (USD)
$ 70.00 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)
$ 234.00 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 Jul 28, 2024

Disclosed by Bank Feb 16, 2023

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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.

Accoeding to IFC, the proposed investment is for a sustainability linked loan to subsidiaries of X-Press Feeders Limited (XPF) for the purchase of three 7,000 TEU, 80,000 DWT new-build container ships that are planned to be deployed on the China-India route (“Project Vessels”).The three project vessels are expected to be commissioned in 2023 and 2024, will be registered under Singapore flag state and will be managed, operated, and crewed by XPF’s subsidiary company Eastaway Ship Management Pte. Ltd. (“Eastaway”). Eastaway is responsible for crewing, operating and managing XPF’s owned vessels and oversight of third-party ship managers. The project vessels are being built in the Shanghai Waigaoqiao Shipbuilding Co., Ltd. and each one will be owned and operated under a special purpose company (all three special purpose companies are collectively called “Project Companies”), which will be subsidiaries of XPF.    

 

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

X-Press Feeders Limited (XPF) incorporated in 1972, is an independent feeder carrier that currently operates a fleet of 111 vessels of which 56 are XPF owned. XPF currently runs 83 services across 183 ports in 71 countries across Asia, Middle East, Africa, the Americas, and Northern Europe. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
China CSSC Holdings Limited Parent Company Industry and Trade owns Shanghai Waigaoqiao Shipbuilding Co., Ltd. Undisclosed Industry and Trade
X-Press Feeders Limited Client Industry and Trade owns Eastaway Ship Management Pte. Ltd. Contractor Industry and Trade

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.

X-Press Feeders Limited
Capt. Mayank Singh

+65-6223 9033
mayank@eastaway.com
11 Duxton Hill, Singapore 089595
www.x-pressfeeders.com

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

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