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KUKE supports purchase of a ship worth over PLN 200 million

06-06-2016

Within its activity backed by the State Treasury, KUKE supported financing the purchase of modern, multi-purpose vessel by a Canadian shipowner. The vessel was built by the shipyard Remontowa Shipbuilding SA. This is consecutive example of KUKE’s commitment to the development of the Polish shipbuilding industry.

“Remontowa Shipyard is a shipyard with a long tradition, offering comprehensive technical solutions and quality known and respected around the world. This was the basis for the decision to order the ship from the Remontowa Shipyard. Also, the availability of long-term loan to the foreign buyer of the ship was an additional element which secured the decision. In turn, granting of such a loan to the buyer would not be possible without the participation of KUKE, the Polish export credit agency”,  said Marek Czerski, President of KUKE.

This is a consecutive ship constructed by the shipyard, whose purchase is financed through the buyer credit scheme insured by KUKE within the State Treasury backed activity. This time the insurance coverage relates to a loan to purchase a new vessel built under the contract signed by the shipyard with the Canadian shipowner - Secunda Canada, cooperating with one of the existing Norwegian clients of Remontowa - Siem Offshore

Avalon Sea a multi-purpose offshore vessel (AHTS) designed to support offshore drilling in harsh Arctic conditions. The ship will be handed over for operation of ExxonMobil - one of the largest oil companies of the world - and will serve to support oil and gas fields offshore in the region of Labrador and Newfoundland. The task of the ship is primarily to monitor and control the status of freezing, and if necessary, appropriate correction of the exchange rate moving icebergs, thereby protecting the marine mining installations against possible collision with the "wandering" iceberg. Avalon Sea will also be used to transport a variety of cargo, assists the anchorage other units, the function of the emergency tug, transport staff on the platform, eliminating the effects of oil spills and to protect the anti-fire and evacuation crews.

KUKE secured the repayment of 12-year buyer credit granted by ABN AMRO Bank NV directly to the Canadian shipowner. Insurance of a credit provided by the bank to a shipowner for purchase of a ship in Poland is an example of an instrument, which in addition to the traditional guarantee is also an important element of KUKE’s support for the Polish shipbuilding industry.

From 2003 to 2016 KUKE has covered 32 credits for a total sum of EUR 1,6 billion for financing 50 ships constructed in Polish shipyards. These types of credits are characterized by long repayment periods, usually spanning 10-12 years.