Eimskip Secures Loan for Construction of Boxship Duo

Reykjavik-based shipping company Eimskip has reached an agreement for the financing of the construction of two 2,150 TEU container vessels ordered in January 2017.

The loan, secured by China Export & Credit Insurance Corporation (Sinosure), is for an 80% financing of the contract price of the vessels with a 15 year tenor in Euros taken upon delivery.

Under the shipbuilding contract signed with China Shipbuilding Trading Company Limited and Guangzhou Wenchong Shipyard, the boxships are each priced at around USD 32 million. The order was subject to financing and that has now been lifted, Eimskip informed.

The payment profile of the vessels, which are expected to be delivered in 2019, is that 40% of the contract price is paid during the building period and 60% upon delivery.

“The financing has a long tenor and has very favorable terms. By securing this financing we are taking an important step towards the renewal of Eimskip’s vessel fleet,” Gylfi Sigfússon, President and CEO, said.

Eimskip earlier said that the new ships will be designed in accordance with the Polar Code. With an overall length of 180 meters and breadth of 31 meters, the ships will have a TIER III engine to lower Nitrogen Oxide (NOx) emission into the atmosphere.

“These new vessels are the largest container vessels that have served in the North Atlantic in scheduled liner services and the ongoing expansion of the ports in Nuuk in Greenland, Reykjavik and Thorshavn in the Faroe Islands will make it possible for these large vessels to serve this market,” Sigfússon added.

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