Eksfin Provides Financing on Green Ship Projects

Norwegian export credit agency Eksfin (formerly Export Credit Norway and GIEK) is playing a major role in accelerating the green shift at sea, according to a press release, providing loan guarantees approaching 1 billion Euro for the construction of 35 eco-friendly vessels over the last four years –including the Le Commandant Charcot for Ponant. 

“Our job at Eksfin is to promote Norwegian exports globally and boost the financial capacity of Norwegian industry. 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 NOK 10bn and will continue to pursue projects with a strong environmental profile reflecting the industry trend towards more sustainable operations,” said Eksfin CEO Tone Lunde Bakker.

“I am very proud of Eksfin’s involvement in securing this project (Ponant’s Le Commandant Charcot) for one of Norway’s top maritime exporters. Our export financing package was important in influencing the shipowner’s choice amid fierce competition between shipbuilders in Finland, German and Norway,” said Bakker.

According to a statement, Ponant provided significant amount of the contract position from its own resources, with Eksfin providing the outstanding monies in cooperation with French banks. The Eksfin loan amounted to EUR 162.4m, with risk guarantees totalling 182.7 million euro. 

Eksfin earlier contributed to the financing of six expedition cruise ships also built by Vard for Ponant.

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