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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.