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Aker BioMarine and VARD launch specialised krill harvesting vessel

GIEK played a key role in financing the vessel, that contains substantial Norwegian exports for the Norwegian shipyard and dozens of sub-suppliers.

The Antarctic Endurance was named at a ceremony in Ålesund, Norway, on 18 January 2019. The ship is custom-made for harvesting krill in Antarctic waters. It is energy-efficient and fitted-out with a host of innovative Norwegian technologies.

The ship was delivered by Vard shipyard, while more than 40 sub-suppliers provided equipment and services. More than 900 people were involved in the building process, according to Vard.

The cost was 140 million US dollars. GIEK guaranteed for 60 per cent of a 113 million US dollar loan to the buyer, Aker Biomarine. The remaining 40 per cent was guaranteed by DNB bank. The loan has a repayment period of 12 years and was disbursed by Export Credit Norway, the companies stated in their press releases.

The Norwegian Government can provide competitive financing to buyers of Norwegian exports – in this case a ship. So-called export financing is offered by many countries to support their export industries. Interest rates and guarantee premiums are regulated in international agreements. Long repayment periods is one of the advantages of such financings.

- This project is a good example of the close co-operation between Government institutions, the maritime industry and banks to promote Norwegian exports. I am pleased that Aker Biomarine chose a Norwegian yard. I would also like to emphasise the company’s environmental consciousness and systems regarding sustainability, says GIEK CEO, Mrs. Wenche Nistad.

The ship is named after Sir Ernest Shackleton’s famous polar exploration vessel, the Endurance. His granddaughter is the godmother of the vessel.

Read more about GIEK's financial solutions for shipyards and shipowning companies.

(Photo: Vard)