EUR 110 million guarantees from KUKE for ferry construction in Remontowa
Thanks to guarantees received from Poland’s Export Credit Insurance Corporation KUKE, Remontowa Shiprepair Yard may soon finalise syndicated financing for the construction of Ro-Pax ferries.
On April 22, an agreement was signed at Remontowa Shiprepair Yard S.A. in Gdańsk, under which the shipyard receives from KUKE a guaranteed limit of EUR 60 million related to the execution of a contract for the construction of three Ro-Pax ferries. The vessels are under construction to order from the Polskie Promy company and will gradually come into operation on the Baltic Sea routes from 2025. This is one of the largest orders placed in a Polish shipyard within the last 30 years.
Earlier, Remontowa S.A. obtained from KUKE performance bonds, which are beneficiaries of the ordering party. The value of these guarantees amounts to EUR 48 million.
– The contract’s implementation for the construction of Ro-Pax ferries is gaining momentum, and we make no secret that the KUKE’s support is crucial here. Thanks to performance bonds, the contract has become effective. Furthermore, due to payment guarantees, we can count on securing the necessary bank financing, which is indispensable for operating contracts with suppliers and subcontractors. We have already secured supplies of energy and propulsion systems for these vessels. The project is conducted according to the schedule, which means that the first vessel will be delivered to the shipowner in 2025 – said Michał Habina, CEO of the Management Board of Remontowa Shiprepair Yard S.A.
Ro-Pax is the ferry that will be able to carry 400 people. In addition, a restaurant, bars, shop, children’s play area and other passenger facilities are planned for the project. The ferry will be low-emission, equipped with electrically controlled azimuth and bow thrusters, fed by LNG-powered generating sets operating in a battery-assisted hybrid system.
The vessels will measure 195.6m in length and 32.2m in breadth, featuring 4.1 thousand line metres and a maximum speed of 19 knots. They will serve the line between Swinoujscie and Ystad, supporting the development of maritime transport.
– We are happy to participate in such an important venture, supporting this particular project of Remontowa S.A. and the Polish shipbuilding industry once again. Thanks to the solutions from the new export support system, we have managed to work out together such a transaction structure that ensures financing at each stage of the vessels’ construction, enabling safe and uninterrupted project execution. Furthermore, by taking on a significant part of the risk, we are making the transaction less risky and encouraging domestic banks to open up more to finance the shipbuilding industry, which they have treated with great caution. Yet we have excellent technologies, excellent professionals, the trust of Western shipowners and the potential to build more. Meanwhile, the problem is obtaining relevant funding through guarantees and loans. Let us hope that our new solutions and the Batory programme will change this situation for good – said Janusz Władyczak, CEO of the KUKE Management Board.
Remontowa Shiprepair Yard is the biggest company of the Polish capital group Remontowa Holding. It offers comprehensive technical solutions, the final product of fully equipped, modern ships. Along with repairs and conversions, the Group has vast experience in designing and building various vessels, including ferries delivered to Norway, Denmark, Estonia, Great Britain and Canada, among others.
The project to build new car-passenger ferries (Ro-Pax) is a strategic venture aimed at maintaining the market position and strengthening the competitiveness of Polish ferry operators, which is possible, among other things, thanks to solutions offered by KUKE.
source: PortalMorski.pl
