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.
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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