Wed 27 Jul 2011 13:41

Finance secured for dual fuel ferry


World's first dual fuel high speed passenger catamaran is due for delivery in South America next year.



Export Finance and Insurance Corporation (EFIC), the Australian Government’s export credit agency, has provided a multi-million dollar construction finance facility, 50 percent of which is guaranteed by Australia and New Zealand Banking Group Ltd. (ANZ), to support Incat Tasmania’s (Incat) ship building contract with South American company, Buquebus.

The facility will be used by Incat to finance the construction of the world’s first dual fuel, high speed passenger catamaran capable of operating on either LNG or marine diesel oil (MDO). Incat sought support from EFIC and ANZ for additional capital to construct the ship for its South American customer.

"Recognising the innovative product, the contract size and the benefits of having this world-first vessel constructed locally in Hobart, Tasmania, EFIC worked with Incat’s bank, ANZ, to provide a construction finance facility that will enable Incat to deliver on the contract," said EFIC’s Executive Director, Origination and Portfolio Management, Peter Field.

"This ship represents a significant step in the global move for natural gas powered ships to replace those operated with less environmentally friendly fuels, and we are very pleased to have the support of EFIC and ANZ,” said Incat’s Chairman, Robert Clifford. "This is the eighth Incat vessel built for Buquebus and the sixth such vessel supported by EFIC."

"We are pleased to be able to work with EFIC to support Incat, a long-term client, deliver on this contract. EFIC’s partnership with ANZ has allowed Incat’s debt requirement to be met in a way that has delivered a great outcome for all parties involved," said Paul Richards, Head of Structured Export Finance, ANZ.

The 99-metre high speed ferry will have capacity for 1,000 passengers and 158 cars and is due for delivery in October 2012. Buquebus will operate the vessel on their River Plate service between Buenos Aires, Argentina and Montevideo in Uruguay.

Martin Vorgod, CEO of Global Risk Management. Martin Vorgod elevated to CEO of Global Risk Management  

Vorgod, currently CCO at GRM, will officially step in as CEO on December 1, succeeding Peder Møller.

Dorthe Bendtsen, KPI OceanConnect. Dorthe Bendtsen named interim CEO of KPI OceanConnect  

Officer with background in operations and governance to steer firm through transition as it searches for permanent leadership.

Bunker Holding's executive management team, from left to right: CCO Anders Grønborg,  COO Peder Møller, CEO Keld R. Demant and CFO Michael Krabbe. Bunker Holding revamps commercial department and management team  

CCO departs; commercial activities divided into sales and operations.

Image of a bunker delivery being performed by Peninsula's Hercules 8000 tanker vessel. Peninsula extends UAE coverage into Abu Dhabi and Jebel Ali  

Supplier to provide 'full range of products' after securing bunker licences.

A screenshot taken from Peninsula's homepage on October 4, 2024. Peninsula to receive first of four tankers in Q2 2025  

Methanol-ready vessels form part of bunker supplier's fleet renewal programme.

Stephen Robinson, pictured on his appointment as Head of Bunker Strategy and Procurement at Tankers International. Stephen Robinson heads up bunker desk at Tankers International  

Former Bomin and Cockett MD appointed Head of Bunker Strategy and Procurement.

Chart showing percentage of off-spec and on-spec samples by fuel type, according to VPS. Is your vessel fully protected from the dangers of poor-quality fuel? | Steve Bee, VPS  

Commercial Director highlights issues linked to purchasing fuel and testing quality against old marine fuel standards.

Ships at the Tecon container terminal at the Port of Suape, Brazil. GDE Marine targets Suape LSMGO by year-end  

Expansion plan revealed following '100% incident-free' first month of VLSFO deliveries.

Hercules Tanker Management and Hyundai Mipo Dockyard sign bunker vessel agreement Peninsula CEO seals deal to build LNG bunker vessel  

Agreement signed through shipping company Hercules Tanker Management.

Illustration of Kotug tugboat and the logos of Auramarine and Sanmar Shipyards. Auramarine supply system chosen for landmark methanol-fuelled tugs  

Vessels to enter into service in mid-2025.


↑  Back to Top


 Related Links