– Buying from Norway means that we know we’ll get the ship we want

Faroese Framherji buys top modern fishing trawler from VARD with financing from Export Credit Norway.

Faroese Framherji buys top modern fishing trawler from VARD with financing from Export Credit Norway.

The 84m stern trawler is designed by VARD and will be built at their yard in Brattvåg, Western Norway. The vessel has been developed in close cooperation with Framherji and will have the latest green technology on board.

The hybrid vessel design complies with the latest demands for fish health management, efficiency and environmentally-friendly operations. Advanced technology will secure top quality onboard processing, packaging and storing. The cargo capacity for frozen products will be approximately 2000 m3. 25 single cabins will accommodate the crew.

– Most fishing vessels in the Faroe Islands are designed by Norwegians or built in Norway. All our six vessels are Norwegian. This is because we fish in the same areas, produce the same products, and operate in the same markets, said Anfinn Olsen, CEO of Framherji.

He highlights Norway and the Faroe Islands’ decade long cooperation and the two fishing nations’ good relations and open dialogue.

The buy was financed through Export Credit Norway.

– We knew of Export Credit Norway and what kind of export financing Norway offers. Stig came to see us in the Faroe Islands twice, and that’s how the agreement came about, said Olsen.

– We’re very happy to be able to contribute, said Stig Gjethammer, who works with ocean industries in Export Credit Norway, and is based in Ålesund, Western Norway.

SHIP IN PROGRESS: VARD started building the stern trawler in  November 2020.

New investments in the Faroese fishing industry

– We’re especially pleased to offer financing to a company from the Faroe Islands. Since 2007 Faroese fishing companies haven’t been able to make vessel investments of significance due to unpredictability regarding the fishing quotas., said Gjethammer.

Anfinn Olsen confirmed this.

– In 2007 the parliament stopped renewing the fishing quotas resulting in no new fishing vessels being ordered. In 2020 a new law was introduced, giving us 12-year rights that are reevaluated and renewed yearly. This gave us the predictability we need to make new investments, said Olsen.

Since the new law was introduced, Faroese fishing companies have ordered four new vessels either from Norway or with substantial Norwegian design- and technology content.

Framherji’s stern trawler is one of them. VARD has already started the build, and the trawler will be delivered in June 2022.

– We’re very pleased that fishing companies like Framherji now are able to invest in new vessels, and also pleased that they choose Norwegian quality. This ensures activity at Norwegian yards, which – like many other industries – are negatively affected by the pandemic, said Gjethammer.

Stig Gjethammer
Stig Gjethammer Ocean Industries +47 975 43 444 +47 975 43 444
Olav Einar Rygg
Olav Einar Rygg Head of Lending +47 995 85 074 +47 995 85 074