19th to 21st of May 2020

ICO will continue guarantying shipbuilding sector up to 2023

Shipyards sing an agreement together with the Official Credit Institute to push financing. ICO has supported 900 ships construction since 2010

Pymar (Small and Medium sizes Spanish shipyards society) and ICO (Official Credit Institute) renewed yesterday the agreement to push shipbuildingconstruction funding between 2019 and 2023, a great activity period at Vigo’s Bay that, apart from Vulcano, have an assured working load and good perspectives for following years.

The agreement, that both organizations keep since 1995, has allowed 630 guaranteed transactions for a total amount of 1,000 million Euro, from which 97 million belong to 336 transactions on force now a days. The construction of more than 900 oceanographic ships, fishing boats, Hight seas support navies have been supported between 2010 and 2018 on 23 Spanish shipbuilders.

Pymar’s CEO, Almudena López del Pozo, has shown her satisfaction for this guarantee instrument renewal as it matches “the good sector moment and it will help to keep added values to our shipyards that bet for innovation, digitalization, talent and environmental compromise”.
ICO’s President, José Carlos García de Quevedo, highlighted that for public Banks “the main aim is to boost productive activities that contributes job creation”.

Vigo’s Bay shipyards (together with Marin) lead private shipbuilding construction in Spain with thirty contracts on force, 40% of the national working load and the great majority of orders are for foreign shipowners ordering mostly fishing boats. Every shipyard from Vigo is nowadays full of activity, although Vulcano’s situation is temporary as they are finishing a boat to be delivered in May and they have no new orders so far, the shadow of the clearance continuous over the company. Remaining shipyards are well positioned building cruisers, fishing boats, oceanographic ships or patrol boats, among them, Barreras, Armón, Freire, Cardama and Metalships shipyards in Vigo and Factoría Naval in Marín.

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