ANNOUNCEMENT 02 May 2019

In May 2019, the KfW IPEX-Bank announced providing financing to BALTRADER Capital to support its purchase of two new cement carriers.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

KfW IPEX-Bank, KfW IPEX-Bank finances two new cement carriers for shipping company BALTRADER, issued on 2 May 2019: https://www.kfw-ipex-bank.de/Presse/News/News-Details_519808-2.html
Verband für Schiffbau und Meerestechnik e.V. (partner of the German Maritime Export Initiative): https://www.vsm.de/en/gemax

Inception date: 02 May 2019 | Removal date: open ended

State loan

On 2 May 2019, the KfW IPEX-Bank announced providing financing to the Hamburg-based cement logistics company BALTRADER Capital to support its purchase of two new cement carriers. The financial support has a total value of EUR 15.7 million (approx. USD 17.5 million).

The two cement carriers will be built in China whilst being developed by the German company SDC Ship Design & Consult in partnership with German BRISE Group. In this context, KfW stated: "In providing the financing and spurring involvement from GeMaX Initiative manufacturers and other European suppliers, KfW IPEX-Bank is helping to promote the German and European economy while supporting Hamburg-based mid-sized company BALTRADER."

Notably, GeMaX was established by members of the German shipbuilding industry and the KfW. The initiative's purpose is to: "strengthen the worldwide market presence of the German shipbuilding and offshore equipment and service suppliers and to provide shipowners and offshore contractors with a favorable and sound financing by KfW-IPEX bank, adjusted to the individual requirements of the project."

A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the investment support granted here is discriminatory.

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