To deliver the vessels we will be using private funding which will cover 80% of the project costs. The balancing 20% has been paid from the Group’s own cash reserves.

The loan is provided by Lombard NatWest, the company which previously provided funding for Gry Maritha.

The loan repayments are based on a 20-year cash flow at a very competitive interest rate.

During the build phase, variable rate interest-only payments will be made. When the vessels are delivered, capital and interest repayments will commence and the Group will then have the option of either fixed or variable rate repayments.

Based on a 5% base rate, average repayments (capital and interest) will be circa £3m per year with higher interest payments at the start of the loan reducing each year as the loan progresses. The Group aims for the majority of the loan repayments to be self-financed by the Group with minimal increases to fares and freight prices.