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Eksfin nears €1Bn mark in loan financing for green ship projects
Eksfin – a state-backed financial enterprise under the wing of Norway’s Ministry of Trade, Industry and Fisheries is providing loan guarantees for green shipping projects
Eksfin promotes Norwegian exports by supporting Norwegian companies, foreign buyers and their banks with a range of state-backed loans and guarantees. In all, the company’s chief executive Tone Lunde Bakker said the company has made close to Nkr10Bn (US$1.1Bn) available for the construction of 35 eco-friendly vessels over the last four years.
“In the shipping space, we are helping shipowners, shipyards and equipment sub-suppliers to finance an increasing number of vessels featuring alternative fuels or new technologies that reduce harmful emissions. We are now close to the milestone figure of Nkr10Bn and will continue to pursue projects with a strong environmental profile reflecting the industry trend towards more sustainable operations,” said Ms Lunde Bakker.
A significant beneficiary is French cruise operator Ponant, whose new ice-breaking cruise ship Le Commandant Charcot, built by Vard Søviknes, was partly financed by Eksfin’s state-backed loan and risk guarantees.
The Eksfin loan amounted to US$192.6M with risk guarantees totalling an even higher US$216M.
“Our export financing package was important in influencing the shipowner’s choice amid fierce competition between shipbuilders in Finland, Germany and Norway”, said Ms Lunde Bakker.
Le Commandant Charcot is touted as the first of its kind, a hybrid-electric, LNG-powered cruise vessel with icebreaking capacity. Eksfin has also contributed to financing six other Vard-built expedition cruise ships for Ponant.
Ponant will deploy the ship on polar cruises to the Arctic and Antarctica. Bureau Veritas has certified the vessel with its PC2 polar ice class notation and with a Clean Ship and Comfort Class status thanks to onboard technologies that reduce the vessel’s environmental impact, noise and vibration.
Ms Lunde Bakker added that the ship’s delivery reinforced Norway’s position “as a leading producer of high-value, high-end vessels and technology. It is a great example of how we can work together with exporters and financial institutions to facilitate winning bids.”
As regulation drives Norway’s turn towards electric ferries, other Norwegian companies have received Eksfin’s financing for green shipping projects including Hurtigruten for hybrid cruise ships, ferry operators Norled, Boreal and Fjord1 for diesel-electric, hydrogen-electric and fully electric ferries and Color Line for a new hybrid cruise-ferry.
Eksfin funding will also benefit fishing company Cetus for an onshore power connection and tanker operator Altera Shuttle Tanker for LNG-powered tankers with volatile compound emissions recovery.
“Our new Eksfin structure makes it much easier and simpler for shipping customers and exporters to access advisory services and state-backed financing for complex projects. As a trusted partner with a streamlined approach and minimal red tape, our triple-A rated financial instruments available at competitive rates are invaluable in securing contracts in a demanding market. We’re also proud to be working with forward-leaning stakeholders spearheading the move towards greener shipping of the future,” said Ms Lunde Bakker.
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