Incat Tasmania needed funding for its ship building contract with South American company, Buquebus to finance the construction of the world’s first dual-fuel, high-speed passenger catamaran operating on LNG or diesel.
Buquebus will operate the vessel on their River Plate service between Buenos Aires, Argentina and Montevideo in Uruguay.
Incat sought support from ANZ and Efic for additional capital to build the ship for Buquebus. We provided a multi-million dollar construction finance facility, 50% of which is guaranteed by ANZ.
“Recognising the innovative product, the contract size and the benefits of having this world-first vessel constructed locally in Hobart, Tasmania, we worked with Incat’s bank, ANZ, to provide a construction finance facility that will enable Incat to deliver on the contract,” said Efic’s Peter Field.
“We are pleased to be able to work with Efic to support Incat, a long-term client, deliver on this contract,” said ANZ’s Paul Richards.
“Efic’s partnership with ANZ has allowed Incat’s debt requirement to be met in a way that has delivered a great outcome for all parties involved.”