COBALT represents SEB bank in allocating EUR 80 million financing for the development of Klaipėdos Smeltė

COBALT represents SEB bank in allocating EUR 80 million financing for the development of the joint-stock stevedoring company Klaipėdos Smeltė. This is already the third stage of the Klaipėdos Smeltė investments financed by SEB bank since 2012.

These investments will focus on two large STS (Ship-to-Shore) cranes for loading and unloading of container vessels, also on 10 RTG (Rubber-Tyred Gantry) cranes for loading/unloading of containers on/from trucks at the terminal, and on the development of the company‘s leased port area infrastructure. The development work has already started, the company invests its own funds as well.

According to Rimantas Juška, CEO of Klaipėdos Smeltė, this investment of the company will help Mediterranean Shipping Company (MSC), the second largest shipping company in the world,  to conduct its business development and strengthen its leadership in the region through its Klaipėdos Smeltė Container Distribution Centre in the Baltic Sea region. It is calculated that the investment and the attainment of the optimal terminal load will result in the substantial increase of container investment flow in Klaipėda port.

“We have noticed that for over the last ten years container handling in the Baltic region has been growing faster than in Europe, but it was not typical for Klaipėda Seaport. The port of our country was characterized in Europe by the growth of bulk cargo flows. With the investment by Klaipėdos Smeltė in container handling, Klaipėda port should catch up where it has lost its position. Furthermore, the financing of Klaipėdos Smeltė will help to increase the company’s competitiveness in the region and make a positive impact not only on the entire Klaipėda port, but also on Lithuania’s economy”, says Vilius Juzikis, member of the Board of SEB bank, Director of Business Banking.

The COBALT team prepares and reviews contracts and other related documents, prepares a legal opinion and provides a general advice on funding. The team includes Partner Elijus Burgis and Associate Partner Eva Suduiko.