Financed ProjectsAvin

Identification Code:

OP/99/0116

Total Operation Cost:

36.000.000

Maturity:

24 months

Operation Status:

Description and Purpose of the Operation:

The Operation involved financing for the construction of one oil/product tanker vessel with a capacity of 45000 dwt for the fleet of the Vardinoyannis-Avin International Group (Greece). The vessel was constructed and assembled by the State Joint Holding Company "Black Sea Shipbuilding Yard" at Nikolaev, Ukraine. The project represented part of a long- term shipbuilding programme between the Greek group and the Ukrainian shipyard, and contributed to the modernization of the fleet of the sponsor, the Vardinoyannis-Avin International group.

Countries of Operation:

Greece (100,00 %)

Financial Product:

Loans

Sector:

Industrials

Domain:

Private

Borrower/Client:

Avin International Corporation SA was established in 1978 and is the shipping-managing company of Vardinoyannis Group, which is one of the major entrepreneurs in Greece.

Co-Financiers/Participants:

Guarantors/Sponsors:

Developmental and Regional Cooperation Impact:

The operation had strong developmental impact and contributed to the cooperation among enterprises of the BSTDB member states. It also facilitated mobilization of domestic and foreign capital. This operation constituted for BSTDB the start of a long-term cooperation with an international-oriented Greek group, which had a growing interest in the Black Sea region not only in the shipping sector but also in other commercial and industrial sectors.

Environmental Classification and Impact (summary):

The Avin International's new vessel was designed in accordance with the applicable international and national rules. These included the main international convention "MARPOL" issued by the International Maritime Organization (IMO) of the United Nations Organization. In all international conventions the ship’s "keel laying" date is used as the criterion indicating if a requirement applies or not. The ship needed to comply with the requirement for having an incinerator on board. Apart from this, as an initiative of AVIN International in implementing its new Environmental Management System, the following environmental measures were also undertaken: a) copper-based ablative antifouling underwater paints; b) Vapour Emissions Control System for the Cargo Hydrocarbon Vapours in accordance with the MARPOL Annex VI requirement; c) generators comply with the emission requirements of MARPOL Annex VI.

Operation Leader:

Energy & Infrastructure

E-mail:

ei@bstdb.org