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European vessel owners

We finance investments in European maritime industries.

Investments in European maritime industries

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Potential borrowerEuropean maritime corporations supplying transport & offshore services
Investments
  • newbuilds
  • conversion of vessels
Loan amountdepends on risk assessment;in major currencies and in the range of EUR 50-100 million
Role of KfW IPEX-Bankbilateral or in banking consortium
Collateral
  • vessel mortgage
  • corporate guarantee and/or assignment of cash flow
  • for newbuilds, preferably export credit cover from international agency
Loan tenordepending on risk assessment
Interest ratemarket-based rate


Financing case Fred. Olsen Windcarrier

Two innovative third-generation offshore wind farm installation vessels specifically for the conditions of the North Sea

In the course of the energy turnaround expanding renewable energies plays a key role. Offshore wind farms projected in the North Sea and Baltic Sea play an important part in this.

In addition to its commitment to offshore wind farm finance, KfW IPEX-Bank also supports European shipowners in financing ships specialised in the construction of wind farms. In June 2013, a financing arranged by KfW IPEX-Bank for two offshore wind farm installation ships for the Norwegian shipping company Fred. Olsen Windcarrier was signed for a total volume of EUR 145 million.

The third-generation installation ships are designed as jack-up construction vessels, each with a crane capacity of 800 tonnes and dynamic positioning systems (DP-2) and are thus specifically adapted to the conditions of the North Sea. The ships meet all necessary requirements for the installation of all currently standard and planned wind energy plants and foundations up to a depth of 45 metres.

Oslo-based Fred. Olsen is an experienced operator of drilling and production platforms and can look back on more than 160 years as shipowner of various types of vessels. Fred. Olsen is also active in the field of renewable energies and pursues the strategy of an integrated service provider for offshore wind power systems with Fred. Olsen Windcarrier.


Project profile:

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Special features:The challenge:
  • High level of technical specification of the vessels
  • Broad spectrum of products
  • High market potential and clear strategy
  • Comprehensive technical expertise in the operation of offshore equipment
  • Large investment volume and high technical complexity
  • Uncertainty with regard to the time schedule for the further expansion of the offshore wind farms
  • Niche segment with few suppliers
  • Highly specialised asset class
The solution:The contribution of KfW IPEX-Bank:
  • Customised financing adapted to the specific requirements of the company
  • Financing arranged with experienced partner in the field of maritime industries
  • Comprehensive sector know-how for highly specialised types of ships
  • Cross-sector experience in the field of renewable energies
  • Structuring of the financing