5.12. 90 Official Journal of the European Communities No L 338/21 (Acts whose publication is not obligatory) COMMESON COMMISSION DECISION of 4 July 1990 on loans granted by the Belgian authorities to two shipowners for the purchase of a 34000 m* LPG ship and two refrigerator ships (Only the French and Dutch texts are authentic) (90/627/EEC) 'THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular the first subpara- graph of Article 93 (2) thereof, Having regard to Council Directive 87/167/EEC of 26 January 1987 on aid to shipbuilding (*), and in particular Articles 3 and 4 (1), in conjunction with Article 4 (4) thereof, Having given notice to the parties concerned in accor- dance with the first subparagraph of Article 93 (2) and having regard to their comments, Whereas : As a result of information provided by an association of shipbuilders, the Commission’s departments learned that the Boelwerf shipyard received orders for a 34 000 m? LPG ship for Fertex, a shipping company, and for two refrigerator ships for another shipping company, Europesé Transport Maatschappij Crystal Prince. An 18-year loan at 2 % interest with a three-year grace period was granted under the Law of 23 August 1948 on shipping credit in respect of 85 % of the contract price in each case. In the first case, by letters dated 6 May 1989, the - Commission asked the Belgian authorities to confirm the information. The Belgian authorities replied by letter () OJ No L 69, 12. 3. 1987, p. S5. / dated 5 June 1989 that the contract was covered by finan- cing repayable over 15 years, starting three years after the delivery of the ship, without specifying the interest rate, and they stated that in any case the terms of the loan were in line with Directive 87/167/EEC. In addition, the Belgian authorities reminded the Commission of a memorandum sent previously in which they stressed that shipping credit was directed at two objectives, i.e. ship- building on the one hand and the high operating costs of ships flying the Belgian flag on the other. Lastly, they stated that they could not follow the Commission depart- ments’ calculation of the grant equivalent specified in the Commission’s letter of 27 February 1989 terminating Article 93 (2) proceedings in respect of certain measures relating to the shipping sector in Belgium. Although incomplete, the information was deemed suffi- cient by the Commission to justify the initiation, on 25 October 1989, of proceedings under Article 93 (2). By letter dated 30 November 1989, the Commission informed the Belgian Government accordingly, inviting it to submit its comments, and the other Member States and parties concerned were informed by means of a notice published in the Official Journal of the European Communities (?). . In the second case, the Belgian Government replied by letter dated 17 November 1989, confirming that the loan relating to the two ships covered 85 % of the price and () OJ No C 20, 27. 1. 1990, p. 6.