A guarantee from Finnvera for the delivery of two multipurpose vessels from Arctech Helsinki Shipyard Oy to OAO Sovcomflot JSC

The guarantee granted by Finnvera covers 80 per cent of the buyer credit of USD 160 million for the two vessels ordered by the Russian shipping company OAO Sovcomflot JSC from Arctech Helsinki Shipyard Oy. The loan period is 12 years from the delivery of the vessel. The holder of Finnvera’s guarantee is ING Bank N.V. Finnvera’s subsidiary, Finnish Export Credit Ltd, finances the credit arranged by the bank to the buyer.

“To ensure the competitiveness of Finnish companies in capital goods exports, Finnvera grants an export credit guarantee and Finnish Export Credit finances part of the export credit received by the buyer from the bank,” says Executive Vice President Topi Vesteri of Finnvera.

The financing of export credits has been in use since the beginning of 2009, or the start of the financial market crisis.

It is estimated that each ice-breaking multipurpose vessel has an impact of 500 person-years on employment.

Each vessel is 94 metres long and has a DWT of 3,950 tonnes. The first vessel will be delivered in December 2012.

OAO Sovcomflot JSC is a shipping company owned 100% by the Russian Federation. Measured by capacity (DWT), it is among the world’s five largest shipping companies transporting energy.

Additional information:
Topi Vesteri, Executive Vice President, tel. +358 29 460 2676