Connect with us

Hi, what are you looking for?

Editor’s Pick

Government backing puts wind in sails of Middlesborough boat builders

Family-owned shipbuilder, Parkol Marine Engineering, has announced the launch of its new vessel, Green Isle, which on completion will sail to the west coast of Ireland from Middlesborough, marking its expansion across the country.

The boat is the second to be built as a result of a new £3m Bond support package from UK Export Finance (UKEF).

The contract is the second exporting win for the business, with the first contract secured in 2020 for a 27-meter fishing trawler commissioned by Irish fishing company D&N Kirwan. UKEF’s Bond Support deal has helped Parkol and NatWest to provide security for the Buyer’s stage payments in the form of advance payment guarantees.

Louis Taylor, Chief Executive of UK Export Finance said, “The United Kingdom is charting a new course as an independent trading nation and maritime businesses are crucial to driving the Global Britain we are building towards. Now UKEF support is helping shipbuilders like Parkol to harness the benefits of maritime trade and to grow their business through exporting.”

The support from UKEF reiterates the government’s support for the UK’s maritime industry. Launching its new shipbuilding vision earlier this year, the government committed to investing over £4bn to support shipyards and suppliers across the UK, with new measures including better access to finance and vital skills-building.

Sally Atkinson, Director of Parkol Marine Engineering said, “Exporting has opened up new opportunities for our business. Thanks to UKEF’s support, we’ve unlocked another major contract and expanded our business in Ireland by delivering a high-quality vessel. We’re looking forward to continuing to capitalise on our exporting potential and reach new markets.”

Simon Heighes, Trade Director at NatWest said,“NatWest were once again delighted to support Parkol in partnership with UKEF on this second trawler export. As with the deal in 2020, the provision of the bonding facility facilitated a vital and timely injection of working capital in to the business. We very much look forward to assisting Parkol to fulfil future export contracts and continuing our support to many other exporters in the region”

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...

News

Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...

News

REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...

News

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

News

1 of 3 By Sam L. Marcelo, Multimedia Editor BalletPulso Pilipinas II: Alay nina Alice at AgnesSept. 30, 8 p.m.Oct. 1, 3 p.m. and...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.