Uzmar secures €millions to expand shipyard
Turkish shipbuilder Uzmar has secured ‘a strategic milestone’ of financing to expand its pilot and tug vessel building facilities, the company says.
The Germany-based AKA Export + Trade Bank has agreed to loan Uzmar €28 million over 10 years to ‘enable Uzmar to significantly increase its capacity for the construction of pilot and tug vessels,’ Uzmar says. The loan will be backed by insurance company Allianz Trade, formerly known as Euler Hermes.
“This expansion of the company’s fleet represents a strategic milestone, reinforcing its leadership in the sector and underlining its commitment to sustainable, long-term investments,” said Uzmar chairman A. Noyan Altuğ. “This financing agreement marks a significant step in our growth journey.”
Uzmar has been a family business since it was founded in 1972 by Captain Altay Altuğ, who died in 2021. It makes pilot boats, conventional tugs, Voith tugs, pusher tugs, electric tugs and line-handling boats.
The financing is obviously a sign of confidence in the sector, and with a report by market analyst firm Research & Markets predicting a Compound Annual Growth Rate of over 10% by 2032, reaching $1.13 billion, this looks safe.
The tug market grew from $520 million in 2024 to $572 million this year, the report says.
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