Estonian shipping company Tallink Grupp said its unit, Tallink Superfast, signed an agreement with KfW IPEX-Bank, securing a €197.6 million ($221.77 million) loan to fund the construction of its new LNG-powered fast ferry.
The construction of the vessel, currently being done by the Finnish Rauma Marine Constructions shipyard, is valued at €247 million ($277.4 million).
The loan is secured by the mortgage on the new vessel and the corporate guarantee of Tallink Grupp. This OECD-term export credit loan will be drawn on the delivery of the vessel, presumably in the beginning of 2022 and has the final maturity of twelve years from the drawdown.
The delivery of the vessel is expected in January 2022.
Similarly to the group’s vessel Megastar, the new shuttle ferry will also be dual fuel operated, its overall length will be approximately 212 meters and with a passenger capacity of 2,800.
The new shuttle ferry, with a gross tonnage of approximately 50,000 and a service speed of 27 knots, will use LNG as the main fuel and meet all the current and future known emission regulations.