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KfW IPEX-Bank finances 2 container vessels of Peene-Werft shipyard
A step to secure employment in a difficult market situation
Frankfurt am Main (ots) - KfW IPEX-Bank GmbH is financing two 1,600 TEU container vessels that are being built by Germany's Peene-Werft GmbH shipyard in Wolgast for the Turkish Arkas Group. The relevant agreements were signed last Monday.
The ships being financed are nos. 13 and 14 in a series of container vessels which Arkas has ordered from the Peene-Werft shipyard since 2001. KfW IPEX-Bank has already financed a number of predecessor contracts for its long-time customer Arkas.
The financing for the two vessels covers a volume in the equivalent of EUR 26.4 million per vessel, a combined total of EUR 52.8 million. It is covered by a Hermes guarantee and, additionally, tied into the CIRR (Commercial Interest Reference Rate), in which the risk of interest rate fluctuations is covered by the Federal Republic. The loans will have a term of 12 years. Delivery of the vessels is scheduled for July and September 2009.
The buyer of the vessels is the Arkas Group, Izmir, one of Turkey's leading logistics groups with a history that goes back more than 100 years. The group operates in the road, seaport and shipping sector in the Black Sea and Mediterranean Sea region.
The Peene-Werft shipyard has been in existence since 1948 and has been a member of the Hegemann group of shipyards since 1992. It has decades of experience in building, repairing and modernising container vessels and special-purpose ships. In the difficult current situation of the container vessel market the financing of the two new buildings represents an important contribution to securing employment at the shipyard.
About KfW IPEX-Bank GmbH
Within KfW Bankengruppe KfW IPEX-Bank GmbH provides project and corporate financing as well as trade and export financing domestically and abroad. Worldwide it conducts all market activities of KfW Bankengruppe that are carried out on commercial terms. KfW IPEX-Bank GmbH has been operating as a legally independent subsidiary since 1 January 2008 and contributes significantly to the promotional mission of KfW Bankengruppe. It has approx. 490 employees (as of January 2009) and is represented in the key economic and financial centres throughout the globe.
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: E-Mail: email@example.com
Tel.: 069 7431-2984, Fax: 069 7431-9409,
E-Mail: firstname.lastname@example.org, Internet: www.kfw-ipex-bank.de