Ireland’s Arklow Shipping has secured financing of around EUR51m ($60.9m) from KFW IPEX-Bank and DekaBank for four 16,500 dwt short sea bulk carriers.
The four vessels are currently under construction at Germany’s Ferus Smit Shipyard, with deliveries scheduled in 2018 and 2019, and will serve the North and Baltic Seas market.
The financing is backed by a 95% Hermes cover. In addition to its role as the mandated lead arranger, KfW IPEX-Bank is also acting as Hermes agent.
Arklow Shipping currently has a fleet comprised of 51 short sea bulkers that serve niche segments in northwestern Europe.