Support from UK Export Finance opens a new contract for the export of fishing boats to Ireland.
Family-owned Parkol Marine Engineering was founded in 1971 and is well known for its high-quality vessels.
The second ship, measuring 23 metres, will be constructed as part of a Bond Support agreement worth £3 million from UK Export Finance.
At its Middlesbrough location, the ship will be launched today and carried to Ireland.
The Green Isle, a brand-new ship from Middlesbrough-based family-owned shipbuilder Parkol Marine Engineering, will sail to the west coast of Ireland once it is finished and will represent the company’s national growth.
As a result of a new £3 million bond financing package from UK Export Finance, the boat is the second to be constructed (UKEF).
The deal represents the company’s second exporting success; its first exporting success came in 2020 with a 27-meter fishing boat contract from the Irish fishing company D&N Kirwan.
Parkol and NatWest were able to secure the Buyer’s stage payments through advance payment guarantees thanks to UKEF’s Bond Support Agreement.
UK Export Finance’s CEO, Louis Taylor, stated:
As an independent trading nation, the United Kingdom is setting off on a new route, and marine businesses are essential to advancing the Global Britain we are constructing.
With funding from UK Export Finance, we can now assist shipbuilders in expanding and taking advantage of the advantages of maritime commerce.
The government’s support for the marine industry in the UK is reiterated via UKEF’s assistance. The government pledged to invest over £4 billion to support shipyards and suppliers across the UK when it unveiled its new shipbuilding vision earlier this year. New initiatives include improved access to financing and crucial skill-building.
Parkol Marine Engineering Director Sally Atkinson stated:
Our company now has more opportunities thanks to exporting. By providing a high-caliber vessel, we were able to secure another significant contract and grow our business in Ireland with the help of UKEF.
We’re eager to keep maximising our exporting potential and expanding into new markets.
Head of Export Finance Managers at UKEF, David Priestley, stated:
We are happy that Parkol was able to launch another ship into Ireland with our assistance. Its success in exporting is a result of the high calibre of its engineering legacy and the investments made in its workforce.
In the coming years, we anticipate seeing the company continue to expand.