German KfW IPEX-Bank informed it will finance four bulker newbuildings owned by Irelands’ Arklow Shipping.
A total of EUR 51 million (USD 60.8 million) is provided together with DekaBank for 16,500 dwt short sea bulk carriers.
The financing is backed by a 95% Hermes cover. In addition to its role as the mandated lead arranger, KfW IPEX-Bank is also acting as Hermes agent, the bank said.
The vessels are being built at the Ferus Smit shipyard in Leer, Germany. The short sea bulkers will be deployed in the North and Baltic Seas and have an ice class (1A).
As informed, the ships are scheduled for delivery between September 2018 and February 2020.
Arklow Shipping currently has a fleet of 51 bulkers that serve a niche segment in northwestern Europe. In addition, the company has 11 ships on order at Ferus Smit and Bodewes yards, VesselsValue’s data shows.