Suppliers and shipyards call for better access to capital

The maritime growth team recommends reopening the former CIRR scheme, as in countries like Sweden and Germany. Easier access to capital will improve the possibilities of providing solutions for financing to foreign shipyards.

Photo: Hempel

Companies in Norway, Germany - and other countries that Danish companies are competing with - can offer financing based on a lower interest rate than companies in Denmark can provide. Several countries have an interest rate equalizing scheme, a so-called CIRR, which follows the state interest rate. The government’s growth team proposes to introduce a similar scheme in Denmark.

“For the maritime supply- and service industry, Eksport Kredit Fonden (EKF) plays a central role in exposing financial risks in relation to export. It would therefore benefit these industries if the EKF developed tools for financing specifically adapted for maritime needs. This could be, for instance, a financing instrument developed specifically for the financing of ship retrofitting. Even though the EKF performs significant and relevant activities today, the fact that the EKF’s former interest rate equalizing scheme (CIRR) has been shut down still poses a challenge,” says the report by the maritime growth team.

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