AS Tallink Group, the listed Estonian ferry company, says it has signed the loan agreement for the new LNG powered fast ferry with Nordea, the Scandinavian banking group.

The 49,000 gros ston ship will be built atsubsidiary Tallink Line Ltd. and Nordea Bank Finland Plc unit of Nordea group have signed the loan agreement in the amount of €184 million to finance the €230 million LNG powered fast ferry currently under construction in Meyer Turku shipyard.

“The loan is arranged by Nordea Bank and Finnish Export Credit Agency “Finnvera” guarantees 95% of this post-delivery buyer credit for which Finnvera’s subsidiary, Finnish Export Credit Ltd, has provided long term financing,” Tallink said in a staement.

“The loan is secured by the mortgage on the new vessel and the corporate guarantee of AS Tallink Grupp. This OECD-term export credit loan will be drawn on the delivery of the vessel, presumably in the beginning of 2017 and has the final maturity of twelve years from the drawdown. The loan bears OECD Commercial Interest Reference Rate (CIRR) based fixed interest rate,” the company continued.