What is the SGF? Purpose and Objectives
The Shipping Guarantee Fund (SGF) has been created by private Spanish shipyards and its objective is to promote its members’ activity by providing sureties and guarantees, under market conditions, to both its own members and ship-owners that enter into contracts with them.
The SGF does not have its own legal personality and has been set up within PYMAVAL GARANTÍAS, S.A.U., a company whose sole aim and purpose is to hold, manage and represent the SGF.
The funds of the SGF are made up of the contributions made by its own members and sponsorship contributions made by various institutions, as well as the funds generated from management of the fund.
Joint and Several Liability
All the shipyards are jointly and severally liable for the risks borne by the SGF, thereby undertaking a sectorial commitment to comply with the contractual stipulations.
Technical and Financial Monitoring
For all the guarantees granted, the technical and financial monitoring processes necessary during construction of the ship are established in order to monitor its progress, verifying both the development of the construction project and the proper allocation of the financial resources referred to in the contracts.
In order to increase the capacity of the SGF and enable it to operate flexibly and rapidly, PYMAVAL’s aim is to establish a series of framework agreements and/or financing facilities with various financial institutions, in which the conditions for granting guarantees to the shipyards with shared risk are previously determined.
This area of activity includes the collaboration agreement signed with the Official Credit Institute (ICO) in 2012, the aim of which is to establish the general rules for the issue of repayment guarantees, with two different types being established according to PYMAVAL’s status in the guarantees in question, whether it acts as counter-guarantor of the obligations guaranteed by the syndicate of guarantors of which the ICO will form part, or as co-guarantor together with the ICO and the other financial institutions of the syndicate of guarantors.
If a shipyard is not able to deliver the ship for reasons attributable to it, the SGF will guarantee the additional costs of completion of the ship, in accordance with the original contract, either at the shipyard specified in the contract or another shipyard that is a member of the fund.
If a shipyard breaches the shipbuilding contract, the SGF will guarantee repayment of the amounts advanced by the ship-owner during construction of the ship on account of the contract price.
If supplementary guarantees should be necessary in order to finance construction of the ship, the SGF will guarantee a percentage of the outstanding amount payable at any time.
The SGF guarantees ship-owners the quality requirements specified by them in accordance with the shipbuilding contract.
Each guarantee granted will establish the maximum amount and term according to the limits established by the procedural regulations of the SGF, as well as a realistic and individual analysis carried out for each transaction. This prior appraisal of the transactions will be carried out from the point of view of an analysis of the technical and financial capacity of the shipyard, with legal and contractual aspects also being analysed.
Registered at the Madrid Companies Registry, under Volume 30.396, Sheet 72, Section 8 and Page M-547077
Tax ID no.: A 86563194
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