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June 30, 2015

AS Tallink secures €184m loan for its new LNG fast ferry

Estonian shipping company AS Tallink's subsidiary Tallink Line has signed a €184m loan agreement with Nordea Bank Finland for its new LNG-powered fast ferry.

By Samseer M

Tallink

Estonian shipping company AS Tallink’s subsidiary Tallink Line has signed a €184m loan agreement with Nordea Bank Finland for its new LNG-powered fast ferry.

Finnish shipbuilder Meyer Turku is currently constructing this new, environmentally friendly car-passenger ferry under a €230m shipbuilding contract.

Arranged by Nordea Bank, Finnish Export Credit Agency Finnvera guarantees 95% of this post-delivery buyer credit, and its subsidiary, Finnish Export Credit, has provided the long-term financing.

This OECD-term export credit loan will be drawn on the delivery of the vessel, which is expected to take place in the beginning of 2017. It has the final maturity of twelve years from the drawdown.

The 212m-long, dual-fuel vessel will be used for Tallinn-Helsinki route shuttle operations, with a capacity to carry up to 2,800 passengers.

"An innovative hull form will minimise the flow-resistance and ensure that the ship operates well in icy conditions."

The new-build will have a gross tonnage of 49,000t and be capable of cruising at 27k. An innovative hull form will minimise the flow-resistance and ensure that the ship operates well in icy conditions.

Fuelled by LNG, the new ferry vessel will be able to meet the stricter emission regulations for the ECA areas, including the Baltic Sea.

In March, Wärtsilä secured an order from Tallink Grupp to deliver dual-fuel engines for the new, fast Ropax ferry.

Wärtsilä will deliver three 12-cylinder Wärtsilä 50DF and two six-cylinder Wärtsilä 50DF main engines, as well as two Wärtsilä fixed-pitch propellers and propeller shaft lines.

Meyer Turku also contracted Linde Group to deliver an LNG fuel gas system, and MacGregor for the supply of RoRo cargo access and handling equipment for a RoPax ferry of Tallink.


Image: The 212m-long, dual-fuel fast ferry design. Photo: courtesy of Meyer Turku.

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