KfW IPEX-Bank finances two transport vessels for Greenland

Frankfurt am Main (ots) -

- New container vessels for Royal Arctic Line to supply the
Greenlandic population
- Construction at a Spanish shipyard with a high portion of German
components

KfW IPEX-Bank is providing EUR 30 million to finance two new
feeder container vessels for Greenland's Royal Arctic Line.

The vessels will be built at Zamakona Shipyard in Spain, with
approx. 30% of components supplied from Germany. The financing is
backed by cover from the Spanish export credit insurer CESCE and
includes funds from the Spanish CIRR (Commercial Interest Reference
Rate).

The newbuild container vessels are scheduled for delivery in 2020
and will replace older vessels in RAL's fleet. They will be used to
ship cargo to remote towns and settlements along the Greenlandic
coast that are not connected by land. The vessels will be especially
equipped for these routes: for instance, the 67m-long-vessels will
have one of the highest ice classes, on-board cranes and a dynamic
positioning system (DP) as well as connections for refrigerated
containers to transport deep-frozen fish for exporting. Of course,
they comply with the new IMO Polar Code which has been in effect
since 2017. The vessels will help ensure supplies to the island's
population in the far north during most of the year.

"We are pleased that our financing will support our long-standing
and valued customer Royal Arctic Line with its fleet renewal plan. At
the same time, we are contributing to supplying the Greenlandic
population and to modernising the maritime infrastructure in the
European North Sea," said Andreas Ufer, member of the Management
Board of KfW IPEX-Bank, during the signing.

KfW IPEX-Bank's most recent financing for Royal Arctic Line was
for a 2,150 TEU container vessel that is envisaged to improve liner
traffic between Denmark and Greenland from 2019, together with two
other, identically constructed newbuilds of the Icelandic shipping
company Eimskip.

About KfW IPEX-Bank:

Within KfW Group, KfW IPEX-Bank is responsible for international
project and export finance. It offers medium and long-term financing
to support key export industries, to develop economic and social
infrastructure, to fund environmental and climate protection projects
and to secure the supply of raw materials. KfW IPEX-Bank operates as
a legally independent group subsidiary and is represented in the most
important economic and financial centres across the globe.

Pressekontakt:
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: E-Mail: dela.strumpf@kfw.de
Tel. 069 7431-2984, Fax: 069 7431-9409, E-Mail:
info@kfw-ipex-bank.de,
Internet: www.kfw-ipex-bank.de

Original-Content von: KfW IPEX-Bank, übermittelt durch news aktuell