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Helsinki Shipyard Ltd.

Finnvera provides financing for two Helsinki Shipyard’s cruise ship deliveries

The first of the ships was delivered on 3 December 2021 and the delivery of the second is estimated to take place during spring 2022.
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Finnvera and Finnish Export Credit have granted an Export Credit and a Buyer Credit Guarantee for two cruise ships built at Helsinki Shipyard. The first of the ships was delivered on 3 December 2021 and the delivery of the second is estimated to take place during spring 2022. The ships will be operated by the cruise operator Swan Hellenic.

The delivered ship SH Minerva is a 113-meter Polar Class Expedition Cruise Vessel with a PC 5 ice-strengthened hull, designed for 152 guests plus a crew of 120. The twin ship SH Vega, to be delivered in spring 2022, has the same features. The ships are designed for minimal environmental impact and to comply with the latest emission standards. In addition, the ships are ready for future emission-free silent sailing in port as well as wildlife and marine reserves.

The cruise operator Swan Hellenic organises cruises, among other places, to Arctic and Antarctic waters.

The buyer and borrower is part of the Russian state leasing company GTLK Group. The lender is Finnish Export Credit Ltd. The credit financing the acquisition of SH Minerva and SH Vega is approximately EUR 214 million and the credit period for each of the vessels is 12 years.

SH Minerva and SH Vega:

Guarantee Holder and Arrangers: JPMorgan Chase Bank, N.A., London Branch, U.K
Exporter: Helsinki Shipyard Ltd, Finland
Lender: Finnish Export Credit Ltd., Finland
Buyer and Borrower: Fully owned SPV companies of GTLK Europe DAC, Ireland
Guarantors: JSC GTLK, Russia and GTLK Europe DAC, Ireland
Export transaction: 113-meter Polar Class Expedition Cruise Vessels “SH Minerva”, hull number 516, and “SH Vega”, hull number 517.
Credit amount: altogether ca. 214 million
Credit period: 12 years respectively