News

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Maritime suppliers are pushing into the cruise industry, planning to invest for further growth according to new survey

Norwegian maritime suppliers are looking to strengthen their position among shipyards in Norway and abroad. The suppliers have several cruise yards as clients, they operate internationally, and they plan to invest for future growth, according to a new report presented today by The Norwegian Export Credit Guarantee Agency (GIEK) and the Norwegian Maritime Exporters (NME) trade organisation.

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GIEK endorse UN Sustainable Ocean Principles

GIEK is a member of the UN Global Compact Action Platform on Sustainable Ocean Business and was involved in the drafting of the Sustainable Ocean Principles.

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Photo: Ponant, Philip Plisson
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Shipping related export from Norway – GIEK’s role

In a competitive business climate GIEK's guarantees are important to the Norwegian shipping industry. GIEK’s buyer credit guarantee is a key factor to shipbuilding in Norway but also to exports of Norwegian equipment placed on foreign-built vessels.

Cases

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June 15 Le Laperouse was delivered, the first cruise ship in a series of several new ships from Vard Group. Vard Søviknes yard now has full capacity utilization, and the group’s shipyards will supply cruise ships to several well-known actors on a continuous basis until 2021. GIEK is central to the funding of all vessels and in the conversion of Norwegian shipyard from mainly offshore vessels to other types of vessels to new markets.

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- GIEK is a very important partner for us on international projects. The financing solutions we devise with GIEK make it easier to take our share of the risk, says Vibeke Solberg Forås, General Manager Business Banking Sparebank1 SMN.

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– The offer of export financing is important for Element Logic and is used in the sales process with potential customers.
Export financing is often essential to getting projects under way, says Dag-Adler Blakseth, CEO of Element Logic.

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– Loans and guarantees from Export Credit Norway and GIEK have been crucial in obtaining quick and solid financing for the project,” says Ole Henning Christiansen, the CEO of Safelink AS.

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- When Myanmar opened up to the outside world in 2011, Bergen Engines and the Rolls-Royce group wanted to gain access to this chartered market – with our gas engines, says Merethe Fjeldstad, Bergen Engines.