EU Endorses Dutch Financing Scheme

Thursday, July 21, 2005
The European Commission has authorized, under the EC Treaty’s state aid rules, a state guarantee scheme introduced by The Netherlands. Guarantees will be granted to financial institutions providing loans to Dutch shipyards in order to finance the construction of ships. Guarantee premiums will be charged and vary according to the risk of the loan. The premium level will cover the risks of payments and the administrative costs generated by the scheme. Consequently, the scheme should be self-financing. This measure therefore does not constitute state aid and does not threaten to distort competition in the single market.

EU Competition Commissioner Neelie Kroes said: “Financial institutions remain reluctant to grant financing to shipbuilding, even where it has been restructured and now specializes in high technology ships. I am therefore happy to approve a scheme which is free of State aid and which can help Dutch shipyards to receive financing. ” This scheme helps to solve the problems of the shipbuilding industry in accessing financing for the construction of ships, that were identified in the LeaderSHIP 2015 report (IP/03/1464). The state guarantees will amount to a maximum of 80% of the loan. Loans to yards in difficulties will be automatically excluded from this scheme. Premiums charged will vary according to the risk of the loan. The premium level will be revised (and adjusted, if necessary) on a yearly basis in order to verify that it covers the risks of payments and the administrative costs generated by the scheme. The Commission approved a similar scheme in Germany in December 2003 (IP/03/1740).

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Zamakona Yards' Commitment to Well-being

Recently employees of Zamakona Yards participated in a training course for maintaining Health, Safety and Environment (HSE). The theoretical practice focused on working at heights,

Ferus Smit to Launch Newbuild Bulker

Ferus Smit will launch newbuild bulk carrier Arklow Breeze on Friday, March 20 at Westerbroek.   Arklow Breeze is the sixth and last vessel of a series to be

Damen ASD 2810 Hybrid Tug Delivered to Multraship

Multraship took delivery of a Damen ASD 2810 Hybrid tug vessel, built at Damen Shipyards Galaţi, in Romania. The delivery is part of Multraship’s fleet expansion program,

Container Ships

Container Ship Runs Aground at Fremantle Port

A ship that ran aground at Fremantle Port early Saturday has been refloated. The 62,000-tonne Denmark-registered container ship Maersk Garonne became stuck in soft sand about 500m off South Mole.

Jinhui Shipping Plummets to Loss

Norway listed dry bulk shipper Jinhui Shipping said the tough market that owners faced last year will become tougher in 2015.   Dry bulk shipping market Environment

Berenberg in $1.1bln Box Bid

The world's second-oldest bank Joh. Berenberg Gossler & Co. KG is lining up a new fund worth EUR 1bn ($1.1bn) for the containership sector.   A report appeared

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1194 sec (8 req/sec)