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Uzmar secures €28M finance for shipyard expansion
Uzmar plans to invest in its shipbuilding infrastructure, enabling it to construct more advanced vessels, with finance from a German bank
Turkish shipbuilder Uzmar Group has secured €28M (US$33M) in finance from AKA Export & Trade Bank, backed by trade credit insurer Euler Hermes, which it plans to use to significantly increase its capacity for vessel construction as demand increases. It will also be used to expand Uzmar’s own fleet of pilot boats and tugs.
Uzmar board chairman Ahmet Noyan Altug and Frankfurt, Germany-headquartered AKA Bank chief executive Marck Wengrzik and director for export and agency finance Yucel Yilmaz signed the 10-year facility.
“This financing agreement marks a significant step in our growth journey,” said Mr Altug. “With the support of AKA Bank and Euler Hermes, we are well positioned to expand our shipyard capabilities, deliver innovative projects and continue to contribute to the Turkish economy and national welfare.”
The transaction was supported by Istanbul, Turkey-headquartered consulting firm Danista Capital Partners, which serves as a partner of AKA Bank in the Turkish market. “We are supporting the Turkish shipbuilding industry, a fast-growing and promising industrial sector, by financing Uzmar,” said Mr Wengrzik.
Its investment was also accompanied by Berlin, Germany-based Textima Export Import, which contributed as the packager and acted as the general exporter.
Uzmar has become a leader in constructing tugs for harbour towage with international clients such as Atlantic Towing, Svitzer, MSC MedTug, Ocean SRL and P&O Maritime Logistics.
It is building vessels ready to support offshore LNG export terminals and floating production systems, having produced fleets for Smit Lamnalco and Kotug International in the past few years and has accumulated orders for more of these vessels for future projects.
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