Trinidad & Tobago
Incat Australia is an Australian shipbuilder based in Tasmania, delivering vessels to ferry operators from all over the world.
Need
When the Government of the Republic of Trinidad & Tobago needed financial support to update its aging ferry fleet, Incat Australia won a contract with the help of Export Finance Australia to build and deliver a fast ferry for Trinidad & Tobago.
Solution
Our support was crucial in linking the Trinidad & Tobago government with Australian businesses like Incat. We helped Incat Australia secure international contract opportunities while enabling local jobs for approximately 300 of its employees.
The sea bridge between Trinidad & Tobago is the main route for transport, tourism, and supply delivery across the island nation.
When it was time to update the aging inter-island ferry fleet, Export Finance Australia was able to help. Our longstanding relationship with the Government of the Republic of Trinidad & Tobago enabled us to be well-positioned to provide ship financing.
To have a government agency in partnership with us provides an enormous amount of credibility in our customers’ eyes.
Ben Marland
Vice President, Sales and Marketing, Austal
One major need, two Australian providers
We supported two businesses for the opportunity: Austal – a global shipbuilder based in Western Australia, and Incat – a specialised shipbuilder based in Tasmania.
Both are long-term and valued customers of our Project & Structured Finance (PSF) team, with each business relationship spanning over decades.
We provided a Buyer Credit Facility to enable Trinidad and Tobago’s National Infrastructure Development Company (NIDCO) to purchase ferries from both shipbuilders. Our PSF team, aligning to the Organisation for Economic and Co-operation and Development (OECD) Arrangement on Officially Supported Export Credits, helped to ensure the transaction was a success.
They facilitate Australian exports, making sure skills remain here. By working closely with Export Finance, together great things can be achieved.
Craig Clifford
Managing Director, Incat
Supporting local businesses
Our PSF team saw that the ferries were a vital lifeline for the people of Trinidad & Tobago. But it also recognised the project’s potential to support Australian businesses and jobs.
Incat’s Managing Director, Craig Clifford, said the finance was crucial in enabling the Trinidad and Tobago government to enter a contract with the business.
“They had access to the finance to pay the deposits and progress payments we required, so we could construct the vessel and keep over 600 of our people gainfully employed.”
Austal’s Vice President, Sales and Marketing, Ben Marland, adds that we provided legitimacy to the complex, multi-stakeholder transaction.
“They were instrumental in facilitating a government-to-government transaction – as well as the loan agreement and the legal and financial aspects of the deal,” Ben said.
Craig agrees that Export Finance Australia provides a valuable service to the Australian economy.