Grenaa Motorfabrik granted the Maltese buyer a credit facility on the order. EKF covers 90 per cent of the company's loss if the buyer defaults on payment.
Grenaa Motorfabrik, however, received advance payment on the order, as the bank purchased the future payments from Malta. This assured Grenaa Motorfabrik of cash flow while it worked on filling the order.
This was Grenaa Motorfabrik's first contact with EKF and it opened up new opportunities for the Danish firm and its international clients. The Danish plant supplied the reconditioned ship's engine in the summer of 2010, after which it was installed by the client.
"This was an important order for us, as it opened up new opportunities. It was our first order for a company on Malta. The company sails from port to port in the Mediterranean, and as the client was very appreciative of the whole arrangement, we hope that word gets round to other potential clients for Grenaa Motorfabrik", says managing director Ebbe Sørensen.