Ship financing

Ship financing requires customized cover as basis of competitive financing schemes for German shipyards and their suppliers. The flexible solutions available within the framework of Hermes Cover make cover both of new ships (e.g. passenger ships, container vessels, oil tankers and product tankers, roll-on-roll-off ferries, etc.) and, for example, the conversion of an existing ship possible.

To cover ship financing Supplier Credit Guarantees and/or Buyer Credit Guarantees are used. Besides, a combination with other forms of cover (e.g. manufacturing risk cover, contract bond cover, Counter-guarantees) is possible.

Target group

• Supplier credit cover: German export firms from the shipbuilding industry
• Buyer credit cover:
  • German banks
  • German branch offices of foreign banks
  • Foreign banks (under certain conditions

Payment terms of the covered transactions

Medium/long-term (up to 12 years)

Premium

Premium is calculated according to specific rules (details will be provided on request).
 

Uninsured portion

• Under supplier credit cover
  • 5% for political risks
  • normally 15% for commercial risks; for a limited period of time until the end of 2022 the uninsured portion can be reduced upon application to 5% against the payment of a premium surcharge.
     
• Under buyer credit cover 5% for all risks

Please use the digital application form in the myAGA customer portal to apply for cover for your export transaction. To do this you need to register for my AGA once which is easily done with just a few steps. If you already use myAGA, you can directly log in with your access data. If you need assistance with the application or if you have any questions regarding the appropriate product, please do not hesitate to contact our business consultants.

Our experts will be pleased to answer any questions regarding a Ship Financing and will guide you step by step through the application process if desired.