New Szczecin Shipyard gets funding

The New Szczecin Shipyard (SSN), which was formed on the basis of the bankrupt Porta Holding, has finally managed to obtain a loan without any guarantees from the state.

“We have signed an agreement with ABN Amro and ING concerning a renewable credit worth $40 million,” revealed Andrzej Stachura, SSN president. This is the company’s first commercial credit since its establishment in 2002. Currently, the state guarantees for SSN total $178.66 million.

The funds from the loan will be used to construct six con-ro type vessels at a cost of $50 million each. The credit, however, is only a drop in the ocean as SSN has a full order portfolio until the end of 2008 worth some $1.6 billion but can only rely on state guarantees until the end of 2006. After this date, it will have to be capable of creating its own system of financing projects.