• 2020 October 14 12:01

    Boskalis finances new mega suction cutter dredger with Export Credit Agency covered loan

    Boskalis financed its mega suction cutter dredger Krios through an innovative Export Credit Agency (ECA) covered loan, the company said in its release. This marks the first ECA insured financing of its kind in the Netherlands. With this EUR 121 million facility, Boskalis has refinanced a substantial part of the construction costs of the Krios. The ECA covered loan under the domestic cover arrangement was introduced by the Dutch Ministry of Finance late 2019. The arrangement targets indirect export, which in Boskalis’ case is a newly built dredging vessel that will be deployed on projects outside of the Netherlands. The Krios is currently being built at IHC in the Netherlands.

    The loan provided by ING and Rabobank was refinanced under a so-called CIRR (Commercial Interest Reference Rate) and is covered by Atradius Dutch State Business. The tenor of the facility is twelve years, includes linear redemption and carries an all-in financing cost of slightly less than one percent. Besides the attractive all-in rate, the long duration of the facility matches extremely well with the long economic lifetime of the vessel. Furthermore this new loan complements the current financing structure of Boskalis resulting in a well-spread and long-dated profile. Besides this twelve year facility, Boskalis has USD 325 million outstanding in US Private Placements, which mature in July 2023 and has a EUR 500 million Revolving Credit Facility maturing in April 2025, currently undrawn.

    Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. The company provides creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world. With core activities such as coastal defense, riverbank protection and land reclamation Boskalis is able to provide adaptive and mitigating solutions to combat the effects of climate change, such as extreme weather conditions and rising sea levels, as well as delivering solutions for the increasing need for space in coastal and delta regions across the world. The company facilitates the development of offshore energy infrastructure, including renewable wind energy. Boskalis is furthermore active in the construction and maintenance of ports, waterways, access channels and civil infrastructure, thus helping to facilitate trade flows and regional socio-economic development. In addition, Boskalis is a global marine salvage expert and has a number of strategic partnerships in harbor towage and terminal services (Keppel Smit Towage and Smit Lamnalco).




2024 March 29

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16:47 VTTI and IKAV enter agreement to purchase majority ownership of Adriatic LNG, Italy
16:25 Mitsubishi Shipbuilding receives order from the University of Tokyo for "MiPoLin" power prediction and lines selection system
15:41 Wan Hai Lines holds naming ceremony for 13,100TEU newbuilding “WAN HAI A15”
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2024 March 28

18:05 Jan De Nul, ENGIE and Equans launch a pilot project centred around the use of Vanadium Redox Flow batteries
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13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
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2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
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11:42 Wan Hai Lines holds ship naming ceremony for new vessels
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10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
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2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
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14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
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11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
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2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
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