German lender KfW IPEX-Bank has agreed to finance two additional transport vessels for Greenland’s Royal Arctic Line.

The German bank will provide €16.43m to help the Greenland Government-owned shipping company to acquire the new feeder / container vessels, which will replace older ships in Royal Arctic Line fleet.

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The decision follows the conclusion of a pre and post delivery financing for two similar vessels for Royal Arctic Line in November. These two vessels are currently being built at the Zamakona shipyard in Spain.

KfW IPEX-Bank management board member Andreas Ufer said: “We are delighted to be able to continue reliably to finance and secure the fleet renewal for Royal Arctic Line, our valued customer for many years.

“We thereby not only contribute to supplying the Greenland population, but also to modernising the maritime infrastructure of the North Sea.”

The two new vessels will be manufactured at Nodosa shipyard, also in Spain, while most of the components will be imported from Germany.

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The KfW IPEX-Bank financing is insured by the Spanish state export credit insurer CESCE and avails the fixed-rate funding offered by the Spanish Commercial Interest Reference Rate (CIRR).

“We are delighted to be able to continue reliably to finance and secure the fleet renewal for Royal Arctic Line, our valued customer for many years.”

Designed for year-round operation, the two new vessels will be used to serve the population of Greenland, including the inhabitants residing in remote settlements.

The 36m-long ships will be equipped with on-board cranes and highest ice class and refrigerated container connections to support deep-frozen fish exports.

They will also comply with the New Polar Code, which came into effect in 2017.

New-build vessels are scheduled to be delivered at the end of 2020 and 2021.

KfW IPEX-Bank recently announced its investment in the third liquefied natural gas (LNG) cruise ship for AIDA Cruises.