German state-owned bank behind new RAL ships

German state-owned development bank KfW is supplying the financing of Royal Arctic Line's five new ships, an order that has finally been settled following a period of delays. Now the shipping company will be able to comply with the coming Arctic Code.

Photo: Royal Arctic Line

When Royal Arctic Line's five new ships are built at the Polish Remontowa shipyard, the process will be backed by the German development bank KfW. This spring, the state-owned bank announced plans to provide bigger loans for the shipping sector, after several large shipping banks have rolled back their loans following the crisis in the industry. And besides, Royal Arctic Line and KfW have worked together before.

Back when the shipping company contracted ships from German yard P&S Werften, which then went bankrupt, the bank also supplied the financing, CEO Jens Andersen tells ShippingWatch.

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