Finnish-Swedish ferry receives EIB support

The European Investment Bank has announced the signing of a EUR 70 million loan with Kvarken Link Oy, a special purpose vehicle jointly owned by the municipalities of Umeå in Sweden and Vaasa in Finland, to acquire a new ferry to transport passengers and vehicles between their two ports.

The new ice-class 800 passenger/car ferry (a 150 metre long so-called RoPax) will be built by Rauma Marine Constructions in Finland, with delivery scheduled for 2021, and will operate under the Finnish flag, said a press release.

"Vaasa and Umeå have been connected by ferry since 1958. When the original service went bankrupt in 2011, the municipalities took it upon them to continue the service – and with success. The growing demand in both passengers and freight now warrants a modern ship to keep both cities connected. Since climate action is one of the EIB’s top priorities, we are glad to finance this highly fuel-efficient ship, which is so much more environmentally friendly than its predecessor that the two can hardly even be compared,” said EIB Vice-President Alexander Stubb at a signature event in Helsinki.

The new vessel will be equipped with a dual-fuel engine, which yields a significantly improved environmental performance compared to the existing ferry, while also enhancing the passenger service quality and increasing the freight capacity on the existing route. The project also involves port upgrade works required for the reception of the new vessel at the ferry terminals in the cities of Vaasa and Umea.