General News

Step Change For UK Shipbuilding?

2023-08-03T10:25:00

The UK government is overhauling the Shipbuilding Credit Guarantee Scheme (SCGS) to help owners or operators access finance for newbuild contracts and also for upgrade projects undertaken at UK yards.

An initiative to help stimulate orders for UK-built vessels has been launched by the UK Government. The Shipbuilding Credit Guarantee Scheme (SCGS) is designed to help owners or operators access finance for newbuild contracts and also for upgrade projects undertaken at UK yards, whereby the government will act as guarantor for lenders.

Originally proposed as the Home Shipbuilding Credit Guarantee Scheme, the SCGS is seen as elemental to the effectiveness of the revised National Shipbuilding Strategy, launched by the UK Government in March 2022 to revitalise the country’s shipbuilding industry.

Continue this article…

Already subscribed? SIGN IN now

V2-MS

Sign up for FREE to continue this article!

Want to read more before deciding on a subscription? It only takes a minute to sign up for a free account and you’ll get to enjoy:

  • Weekly newsletters providing valuable news and information on the shipping sector
  • Full access to our news archive
  • Live and archived webinars, podcasts and videos
  • Articles on innovations and current trends in the shipping industry
  • Our extensive archive of data, research and intelligence

Get more free content sign up today

Ready to subscribe? Choose from one of our subscription packages for unlimited access!