Xpress Feeders

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Proposed investment is for a sustainability linked loan to subsidiaries of X-Press Feeders Limited (“XPF” or “the Company”) 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”). XPF, incorporated in 1972, is an independent feeder carrier that currently operates a fleet of 111 vessels of which 56 are XPF owned. 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.