Pymar shipyards’ credit outlook improves to “positive” according to Fitch

The rating agency Fitch has maintained the rating of Pymara company that integrates the main Spanish private shipyards at “BBB+” and improves its outlook to “positive”, also maintaining the credit rating in the short term.

This review of the credit perspective “certifies the efficiency of the financial instruments available to Pymar”, such as the Naval Guarantees Fund (FGN) or the Financial Hedge Fundwhich make it possible to contract new vessels in Spain, Pymar highlights in its statement.

Throughout its history, Pymar has issued 1,288 guarantees for more than 4.8 billion of euros for the construction of 816 ships for a total of 14,293 million euros, Europa Press reports.

With the aim of contributing to the diversification of the naval industry, Pymar announced at the beginning of the year the expansion of its broadcast services of guarantees, in addition to the shipowners and private Spanish shipyards, to the companies that make up the value chain of the naval industry including, among others, those with projects focused on the diversification of activity towards the opportunities provided by renewable energies. marine.

Order Portfolio

Fitch’s announcement is aligned with the good data recorded by the Spanish naval sector, which closed the third quarter of 2024 with 71 ships in portfolio for a joint amount of more than 2.3 billion euros. These data allow most shipyards to have a workload, at least until 2026.

“With a global and highly competitive market, Spain continues to maintain international leadership positions in shipbuilding, being the second power in the EU with the largest number of contracted units and almost a 20% market share community, also placing it within the world’s top ten,” highlights Pymar.