The Tasmanian Liberal Government is delivering on another of its important commitments outlined in its first 100 Day Plan to secure jobs and support iconic Tasmanian shipbuilder Incat.
Incat is a world-class builder of lightweight, high-speed aluminium vessels and has operated in Tasmania for more than 50 years.
COVID-19 has significantly impacted the global fast ferry market, with many operators putting on hold their plans to expand or renew their ferry fleets which in turn has impacted Incat’s construction pipeline.
Premier Peter Gutwein said he was pleased to announce that the State has formally approved the provision of a $100 million loan to Incat and both parties have now reached in principle agreement on the fundamental commercial loan terms. We will now work collaboratively towards negotiating the legal arrangements to underpin the loan.
“This loan will assist Incat with the construction of a 120-metre high-speed vessel, with Incat currently in early discussions with potential purchasers of the vessel to secure a successful sale,” Mr Gutwein said.
State Growth Minister Roger Jaensch said the provision of the loan will secure not only Incat’s current workforce of 500 employees but will also add up to another 120 to 150 new employees to its operation.
“This will include up to 60 new apprentices across various trades, establishing a core skill-base for the Tasmanian maritime construction sector into the future,” Mr Jaensch said.
We recognise Incat’s critical importance to the Tasmanian economy through its status as a major employer in Tasmania as well as through the local supply chain businesses that rely upon its operations.
Incat is an iconic brand for Tasmania with a history of driving innovation and leading quality and performance expectations in the international fast ferry sector.
The Tasmanian Liberal Government committed to supporting Incat, its workers and its supply chain and today we have delivered on what we promised.