Ukraine: Zaliv Shipyard Secures Two Construction Contracts from Damen Shipyards

By the information from financial director of JSC Shipyard Zaliv (AR Crimea, Kerch), Mr. Alexander Sytnik, two contracts for construction of maximally outfitted supply vessels of the project PSV 3300 for company Damen Shipyards Bergum (Netherlands) are completely secured with required financing from the side of the yard.

PJSB Ukrsozbank, being the member of international UniCredit Group and the new financial partner of the yard acted as the main creditor. Structure of financing stipulates securing of credit line and corresponding guarantees for refund of payments and covering the prepayments received from the customer. Total amount of financing constitutes 6,2 mln. Euro. Besides securing of bank guarantees Zaliv, by means of other financial tools provided delivery of specialized ship equipment to the total amount of 10,3 mln. Euro for subsequent outfitting for this projects.

Mr. Sytnik also specially underlined that it is the first common project that is realized by Zaliv with the financial support from PJSB Ukrsibbank and that the company is glad that in such financially complex period it managed to arrange the start of new cooperation.

Taking into consideration extremely tight time-frames for execution of the orders Zaliv opened in the bank “Finance and Credit” the line of precontractual financing to the amount of 1,6 mln. Euro and it gave the possibility to start the work over new projects in due time.

By the words of financial director, bank “Finance and Credit” acts as co-organiser of such transaction already not for the first time and provides to Zaliv achievement of bridge-credits, that, in its turn, gives Zaliv the possibility to arrange timely delivery of main materials and start performance of production program.

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Source: JSC Shipyard Zaliv, June 12, 2012; Image: Damen