Trawler
New fishing vessel

Historic disbursement by Export Credit Norway

The Newfoundland Victor is the first vessel constructed at a Norwegian yard to be fully financed by Export Credit Norway since the company’s launch.

The Newfoundland Victor is the first vessel constructed at a Norwegian yard to be fully financed by Export Credit Norway since the company’s launch.

Export Credit Norway has offered financing in connection with delivery of the trawler Newfoundland Victor, with a NOK 350 million price tag, constructed for the Canadian company Newfound Resources Ltd by Vard Aukra.

Newfoundland Victor
Newfoundland Victor

“This disbursement is historic, as this is the first time Export Credit Norway’s has financed a fishing vessel ordered from a Norwegian yard by a foreign shipping company. We have previously financed Norwegian shipping companies’ purchases of Norwegian design and equipment packages for vessels constructed at yards abroad,” says Stig Gjethammer from Export Credit Norway’s Shipping and Maritime department.

The Newfoundland Victor incorporates an advanced trawler concept developed by Rolls-Royce. The boat will fish for shrimp off the coast of Canada. Prices are currently high in this traditionally profitable industry, which primarily delivers to China and Japan.

Truly a win-win situation

Brian McNamara, Newfound Resources.

“Many countries could learn a lot from Export Credit’s supportive approach to industry/shipbuilding in Norway. We are extremely pleased that we could bring economic benefit to Norway, but it is a two-way street – we also benefited significantly from this arrangement. Truly a win-win situation,” says Brian McNamara, President of Newfound Resources.

“We are impressed with the work done by workers and contractors at the yard to deliver Newfoundland Victor on time. This project is the result of excellent cooperation between the shipping company and the yard. We wish the vessel and its crew the best of luck, and hope to assist again in future,” says Hans Gunnar Hansen, Senior Vice President/Yard Director Vard.

Contact
Stig Gjethammer
Stig Gjethammer Shipping, Maritime, Fishing and Fish Farming +47 975 43 444 +47 975 43 444