KfW IPEX-Bank finances two transport vessels for Greenland

New container vessels for Royal Arctic
Line to supply the
Greenlandic populationnConstruction at a Spanish shipyard with a high portion of German componentsnKfW 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.

Digital press kit: http://www.ots.at/pressemappe/DE69662/aom

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

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