{"id":3822,"date":"2018-12-10T16:37:57","date_gmt":"2018-12-10T21:37:57","guid":{"rendered":"http:\/\/www.letterofcredit.biz\/?p=3822"},"modified":"2019-04-06T06:05:00","modified_gmt":"2019-04-06T10:05:00","slug":"finnvera-to-guarantee-financing-for-new-vessel-orders-placed-at-meyer-turku-oy","status":"publish","type":"post","link":"https:\/\/www.letterofcredit.biz\/index.php\/2018\/12\/10\/finnvera-to-guarantee-financing-for-new-vessel-orders-placed-at-meyer-turku-oy\/","title":{"rendered":"Finnvera to Guarantee Financing for New Vessel Orders Placed at Meyer Turku Oy"},"content":{"rendered":"

Published in September 2014 –<\/span> Shipowner companies usually make advance payments to the shipyards when giving a new vessel order. These advance payments could reach up to 80% of the project amount.<\/p>\n

In order to cover non-delivery risks, shipowners demand advance payment bank guarantee from the shipyards against the upfront payment that they have made.<\/p>\n

Finnvera to guarantee financing for new vessel orders placed at Meyer Turku Oy.<\/p>\n

Finnvera will take part in the pre-delivery financing of the cruise ships ordered by TUI Cruises GmbH from the Turku shipyard.<\/p>\n

The ships will be delivered in 2015-2017. Finnvera will guarantee between 50 and 80 per cent of the pre-delivery financing granted to the shipyard. With the new orders, Finnvera’s maximum exposure for Meyer Turku Oy will reach about EUR 300 million.<\/p>\n

Finnvera will also guarantee 95 per cent of the post-delivery buyer credits of the ships ordered by TUI Cruises GmbH.<\/p>\n

The credit period is 12 years. With the two new ships and the two ships ordered already earlier, Finnvera’s exposure for TUI Cruises GmbH will reach a maximum of about EUR 1.3 billion. Finnvera’s subsidiary Finnish Export Credit Ltd will provide the financing for the buyer credits arranged by commercial banks.<\/p>\n

Further information:
\nTopi Vesteri, Executive Vice President, tel. +358 400 702 002
\nPauli Heikkil\u00e4, CEO, tel. +358 29 460 2400<\/p>\n

About Finnvera:<\/strong><\/span><\/p>\n

Finnvera provides financing for the start, growth and internationalization of enterprises and guarantees against risks arising from exports.<\/p>\n

Finnvera strengthens the operating potential and competitiveness of Finnish enterprises by offering loans, domestic guarantees, venture capital investments, export credit guarantees and other services associated with the financing of exports.<\/p>\n

The risks included in financing are shared between Finnvera and other providers of financing.<\/p>\n

Finnvera is a specialized financing company owned by the State of Finland and it is the official Export Credit Agency (ECA) of Finland.<\/p>\n

Finnvera gives guarantees against political or commercial risks associated with the financing of exports.<\/p>\n

Political risks are risks that arise from the economic or political situation in a country where a Finnish export company has customers. Commercial risks pertain either to the buyer or to the buyer’s bank.<\/p>\n

Finnvera’s operations are steered by the industrial and ownership policy goals laid down by the State.<\/p>\n

Among these goals are: increasing the number of starting enterprises; enabling financing for changes encountered by SMEs; and promotion of enterprise growth, internationalization and exports.<\/p>\n

In its operations, Finnvera is expected to adhere to the principle of economic self-sustainability.<\/p>\n","protected":false},"excerpt":{"rendered":"

Published in September 2014 – Shipowner companies usually make advance payments to the shipyards when giving a new vessel order. These advance payments could reach up to 80% of the project amount. In order to cover non-delivery risks, shipowners demand<\/p>\n","protected":false},"author":1,"featured_media":4296,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[428],"tags":[429],"class_list":["post-3822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-news"],"_links":{"self":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts\/3822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/comments?post=3822"}],"version-history":[{"count":0,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts\/3822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/media\/4296"}],"wp:attachment":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/media?parent=3822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/categories?post=3822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/tags?post=3822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}