PYMAR, the organization that unites Spain’s leading private shipyards, has announced an expansion of its guarantees issuance services for shipowners and private naval industry companies in Spain. Through its Naval Guarantees Fund (FGN), PYMAR broadens coverage to include not only Spanish private shipyards but also shipowners and the value chain companies in the naval sector. This broader scope also encompasses projects aimed at diversifying naval activity toward the opportunities offered by offshore renewable energy sources.
With this expansion, PYMAR will provide guarantees through the FGN for the construction, modernization, repair, and conversion of ships and all types of floating assets. This includes platforms used in offshore renewable energy projects, as well as the manufacturing of components and the delivery of the services required in these operations. The guarantees will also cover the financing needs of shipowners to contract with shipyards and private value chain companies.
“Spain’s private naval industry represents a strategic sector for the country. It supports over 75,000 high quality jobs and contributes 10 billion euros to the economy. It is undergoing a comprehensive transformation of its value chain,” explains Almudena López del Pozo, chief executive of PYMAR. She notes that this extension of guarantees is a natural step that strengthens the future of the naval industry in areas where companies most need support. López del Pozo emphasizes PYMAR’s role in fostering a collaborative and coordinated environment with private shipyards and value chain companies. She points out that these initiatives aim to raise digitalization, environmental sustainability, decarbonization, energy efficiency, and diversification into high potential areas like offshore renewable energy. She believes this is the best roadmap to keep Spain’s naval industry at the technological forefront globally.
Thus, with the extended guarantees, the sponsors of the FGN (the Ministry of Industry and Tourism, the Xunta de Galicia, the Principality of Asturias, and the Basque Government) will strengthen not only the activity of private shipyards but also the broader set of companies that make up the naval industry private value chain.
One more value-added bet for the naval industry
Beyond managing key tools to improve and boost sector competitiveness through the FGN, rated BBB+ by Fitch Ratings, PYMAR offers a comprehensive service that helps locate the financing and guarantees needed to move forward with private Spanish naval construction projects. The organization provides technical, economic, and tax-advisory guidance to shipyards, value chain companies, and other entities engaged in bringing projects to life.
During its nearly forty years of history, PYMAR has issued more than 4.86 billion euros in guarantees, enabling the construction of over 800 vessels in Spanish private shipyards, with a combined value of 14.3 billion euros.