New Szczecin Shipyard strikes deal with ABN Amro to finance full order book

"We have signed an agreement with ABN Amro and ING concerning a renewable credit worth $40 million," revealed Andrzej Stachura, SSN president. This is the company's first commercial credit since its establishment in 2002. Currently, the state guarantees for SSN reach the sum of $178.66 million. The funds from the loan will be used to construct six con-ro type vessels. Andrzej Stachura informed that a contract for one of these ships is worth $50 million. The credit, however, is only a drop in the ocean as SSN has a full order portfolio until the end of 2008 worth some $1.6 billion. However, it can count on state guarantees only until the end of 2006, and after this date it will have to be capable of creating its own system of financing projects. (Puls Biznesu, pp. 1, 12) A.K.