EuropeFinance and InsuranceRegulatoryShipyards
Spanish shipyard financing scheme ruled legal
Spain’s shipyards have been given a huge fillip with Europe’s second-highest court yesterday green lighting a Spanish tax lease scheme for the local shipbuilding industry, annulling a decision by EU regulators two years ago that branded the scheme as illegal state aid.
The Spanish scheme involves financing ships through a structure with two intermediaries, and allowing shipping companies to get a rebate of up to 30% on the price of vessels built by Spanish shipyards.