Maersk gets $512 million export loan facility
A.P. Moller – Maersk has received a $512 million loan facility from a Danish export credit agency to boost Danish exports, according to a report earlier this month from business news outlet
Trade Finance.
The loan, it appears, will be used to help fund construction of Maersk ships.
“The loan is the first under the scheme which sees (export credit agency) EKF provide funds through an agent bank to then lend to a company or buyer to encourage Danish exports,” the report said. “The ($512 million) Maersk loan will be disbursed in steps. It will be used to finance Danish sub-suppliers from more than 30 Danish companies working on the construction of a series of ships on shipyards in Asia, Europe and South America.”
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Maersk executives in recent weeks have been publicly critical of troubled liner carriers that have sought public aid to overcome short-term liquidity problems. The liquidity problems stem mostly from a combination of poor ocean freight rates, depressed demand and heavy financial burdens from ordered vessels. Group Chief Executive Officer Nils Andersen said granting state aid to carriers that over-ordered ships would prevent consolidation that Maersk considers necessary for the liner industry to prosper.
