Financing construction of LNG passenger ferry

Export Finance and Insurance Corporation (EFIC), the Australian Government’s export credit agency, has provided a multi-million dollar construction finance facility, 50% of which is guaranteed by Australia and New Zealand Banking Group Limited (ANZ), to support Incat Tasmania’s ship building contract with South American company, Buquebus.

The facility will be used by Incat to finance the construction of the world’s first dual fuel, high speed passenger catamaran capable of operating on either LNG or diesel. Incat sought support from EFIC and ANZ for additional capital to construct the ship for its South American customer.

The high speed ferry will have capacity for 1,000 passengers and 158 cars and is due for delivery in October 2012. Buquebus will operate the vessel on their River Plate service between Buenos Aires, Argentina and Montevideo in Uruguay.