Wadan Yards gets EUR 180-mln loan from German government
Wadan Yards owned by Russian businessmen has received a EUR 180-mln loan for construction of vessels from German Government. KFW IPEX-Bank Gmbh and Deutsche Bank are to finance the loan for effective rate of 7.85% per year, the company’s press center reports. The loan is secured by fixed and auxiliary assets, governmental guarantees, insurance contracts, vessel bonds, waiving of pledge and sale of shares during transaction period.
The loan is granted to the company within the framework of a program know as “Umbrella” initiated by German Government to support German companies during crisis. In January 2009, another loan (EUR 60 mln) was received by Wadan Yards from the state of Mecklenburg-West Pomerania.
"As of today, Wadan Yards is the only shipbuilding company in Germany to get a loan from the Government,” Andrei Burlakov, Chairman of the group’s BOD comments.
Wadan Yards AS - newly established shipbuilding group with 70 % ownership by the Russian company FLC West and 30 % by Aker Yards (Norway) is based on an agreement between the two companies signed at the end of March 2008 whilst the transaction was completed on July 29th. The new group was currently renamed from Aker Yards Ukraine Holding AS and has a Headquarters in Oslo (Norway).
It has a strong position in terms of innovation, product range, technology, experience and capacity.
The product range focuses on specialized shipbuilding and includes ice-breaking and ice-going tonnage, specialized tankers, offshore constructions, RoRo and RoPax projects, container ships and dry cargo/multi purpose vessels.
The new group comprises two shipyards in Germany (Wismar and Rostock-Warnemünde) and one in Ukraine (Nikolaev) as well as the design companies Warnow Design in Rostock (Germany), Wadan Yards Design Ukraine in Nikolaev and engineering capabilities for LNG solutions.
As of today, the company’s backlog of orders numbers 19 vessels including 12 vessels to be built in Germany and 7 vessels – in Ukraine.