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Ideas for Shipyard Financing


The Ministry of Maritime Economy and Inland Navigation is working on preparing the assumptions and principles of functioning for the Maritime Development Fund. The purpose thereof includes developing the infrastructure that finances the maritime economy sector and expanding the investor base and financing sources for projects in this sector. The fund is planned to commence operations by the end of the year.

According to its creators, the fund was created as an answer to the substantial needs of companies connected with maritime economy in the scope of development investments (in particular ports, shipowners, and shipyards) and to their limited own resources, and mainly a limited number of entities interested in maritime economy financing due to large unitary outlays, long return periods, or the risks resulting therefrom. On the other hand, limited resources from the State Treasury that could be allocated to maritime economy development and limitations resulting from EU legislation pertaining to public aid prevent the state from assisting in such projects.

The fund sets the aim of developing a network of entities interested in maritime economy financing, expanding the investor base, in particular private entities, increasing the number of well-prepared projects, accelerating investments in developing entities connected with maritime economy by developing the financing infrastructure, diversifying the unitary risk for financing entities in particular by increasing the number of entities engaged in these activities and lowering the investments’ unitary value for financing institutions.

As indicated by calculations done by the ministry at the end of 2017, household savings gathered in overnight and term deposits were over PLN 753 billion (60% of which were overnight deposits), investment fund assets are PLN 279 billion (including cash funds, monetary funds, debt funds, and mixed funds of PLN 113 billion), and open retirement fund assets - PLN 180 billion.

- Even if investment funds created under the maritime economy financing mechanism receive just a per mille of these amounts, they would have several hundred million zlotys to finance this development - the fund creation assumptions state.

Therefore, fund operations are to be financed from the share capital, including start-up capital (it is supposed to be PLN 200 million), but mainly from funds obtained through issuing bonds, credits and loans, income from stocks and shares, participation units in investment funds, and from EU funds, as well as other, foreign sources not subject to reimbursement.

In result, financing the development of the widely understood maritime economy is to be effected mainly with funds obtained as a result of investments in capital instruments (stocks and shares) and debt instruments (bonds, loans) issued by entities operating in the widely understood maritime economy sector, as well as investments in real estate and fixed assets (including in particular ships): shipowners, shipyards, seaports, transhipment terminals, logistics centres, entities connected with constructing port infrastructure, devices and equipment of ships and warships (including smart ship technologies), platforms and systems to extract resources from the sea.

Article developed with "Namiary na Morze i Handel" magazine

phot. "Namiary na Morze i Handel"

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