KfW IPEX-Bank will be providing EUR 16.43 million to Royal Arctic Line to finance two more transport vessels. In November 2018, KfW IPEX-Bank agreed a pre- and post-delivery financing for two similar vessels for the Greenland shipping company, which are currently being built at the Zamakona shipyard in Spain.
The new ships will be built at the Nodosa shipyard in Spain, with a large part of the components coming from Germany. Securing this industrial suppliers’ portion took place mainly in cooperation with the German Maritime Export Initiative (GeMaX). The financing is covered by insurance from the Spanish state export credit insurer CESCE and benefits from the fixed rate funding offered by the Spanish CIRR (Commercial Interest Reference Rate).
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The vessels will be conducting year-round operation in order to supply the inhabitants of remote settlements along the Greenland coast that are not connected to each other by land. The 36-metre-long vessels have on-board cranes, and the highest ice class and refrigerated container connections for transporting deep-frozen fish for export. They also comply with the requirements of the New Polar Code, which applies since 2017.
With delivery planned at the end of 2020 and 2021 respectively, the newbuild transport vessels will replace older ships in the Royal Arctic Line fleet.
Andreas Ufer a Member of the Management Board of KfW IPEX-Bank, commented on the occasion:
We not only contribute to supplying the Greenland population, but also to modernising the maritime infrastructure of the North Sea
Recently, KfW IPEX-Bank had announced that it would also finance another cruise ship for AIDA Cruises that is powered with LNG. The ship would be the second sister vessel for AIDAnova, the world’s first LNG-powered cruise ship. KfW IPEX-Bank will also finance the third LNG-powered ship for the German AIDA Cruises.
