Shipowners Bergur-Huginn, Skinney-Thinganes, and Gjögur have secured loans from Export Credit Norway for the construction of six identical stern trawlers from the Vard Aukura shipyard in Norway.
Each Icelandic company has two vessels on order from the yard, with the first trawler, called Vestmannaey, being delivered to fishing company Bergur-Huginn.
Export Credit Norway, which is wholly-owned by the Norwegian Ministry of Trade and Fisheries, is providing a total loan amount of approximately NOK 500 million (USD 56.4 million, EUR 51.1 million), with Icelandic bank Landsbankinn acting as guarantor.
The owner of the seventh matching vessel being constructed at the yard has secured financing elsewhere.
“Well done to Vard Aukra who has secured this valuable newbuild contract of seven vessels. The shipyard has clearly impressed the Icelandic shipowner consortium from both a technical and commercial viewpoint, and we are delighted to be able to offer competitively priced vessel financing as part of the deal,” said Olav E. Rygg, director of lending at Export Credit Norway. “To build a series of seven identical vessels has obvious advantages with regards to reducing both cost and project execution risk. Although each shipowner is responsible for the financing of their own vessels, the consortium approach has allowed us to ‘copy and paste’ parts of the financing process, which has saved both time and energy for all parties involved.”
The vessels were designed by Vard Design in Ålesund, Norway. Each will have a length of 29 meters, a beam of 12 meters, a refrigerated cargo with a capacity of 240 cubic meters and a fish processing area. They will be equipped with accommodation for a crew of 13 people.
Each vessel will also come with a large trawl deck with electric permanent magnet motor-driven trawl winches, a twin screw mechanical propulsion system for efficient and fuel-saving operations, large propellers and rudders to ensure smooth operations in harsh environments and safe handling of the fishing gear.
Photo courtesy of VARD/Kjell Stian Brunes
