Cases: Fisheries and aquaculture

State of the art fishing trawler for the Faroe Islands

The newest project in Sunnmøre is the financing of state of the art freezer trawler ‘Akraberg’ built by Vard Brattvåg.

Frysetråler Akraberg - Framherji - Brattvaag - 2022
Framherjis tråler “Akraberg”. Foto: Brattvaag.

Facts

Supplier: Vard Brattvaag

Buyer: Framherji

Financing: MDKK 312. Nordea Bank has guaranteed the entire loan sum.

‘Akraberg’ was built at the VARD Brattvåg Shipyard. The trawler is 84 metres long and 17 metres wide. The vessel is used for trawling popular seafloor fish and shrimp trawling.

Export Finance Norway has secured long-term financing for Framherji, a shipping company on the Faroe Islands, with MDKK 312. The loan will be paid in instalments during the building period up until completion. This is a cooperation between Eksfin and Nordea Bank, whereby the entire loan sum has been guaranteed by Nordea Bank’s Seafood Department in Ålesund. 

With Eksfin on the team, we received good financing conditions when ‘Akraberg* was going to be built.

Anfinn Olsen, CEO of Framherji

Freezer trawler with environmentally-friendly operations

The vessel has a hybrid propulsion system consisting of a battery system and diesel-electric propulsion. Vard points out that the vessel was designed to accommodate high requirements for fish health, efficiency and environmentally-friendly operations. The trawler was designed by Vard Design in Ålesund. There will also be a factory on board to handle the waste from processing, which will be used, for example, to manufacture feed for the offshore industry on the Faroe Islands.

See also: Norwegian equipment deliveries to new trawler

Whilst numerous shipyards in Europe are struggling with severe delays for their new build projects due to problems related to COVID-19 and war in Europe, Vard delivered the new ‘Akraberg’ on time and according to budget. This is nothing short of impressive.

Stig Gjethammer, Account Manager, Eksfin

Good quota

The company, Framherji, who owns the new freezer trawler has around 20 per cent of the total Faroese fish quota making the company the second largest actor on the Faroe Islands. The most important species the trawler will fish are cod, haddock and shrimp. Fishing will primarily take place in the Barents Sea and near Svalbard. The trawler replaces the shipping company’s older vessel with the same name.