Gas carrier owner Anthony Veder Group has secured the industry’s first sustainable shipping loan via its €66 million (USD 71 million) Euro Private Placement concluded in the fourth quarter of 2015, the company said.
As disclosed, the loan is fully certified according to the Clean Shipping Index Guidelines by Bureau Veritas and it is a landmark transaction in the global shipping industry which to date, has not joined the ranks of verified sustainable financing.
The transaction was solely arranged by ABN AMRO to finance the building of the 18,000 cubic metre Ice Class 1A Super LNG carrier Coral EnergICE, which uses the boil off of its cargo to fuel the propulsion of the vessel. The vessel will be on a long term time charter contract with Finland’s Gasum to serve its 100% subsidiary Skangas.
The financing has been structured as a 20 year European Private Placement and placed with Delta Lloyd Asset Management.
ABN AMRO worked with Anthony Veder Group to create a Sustainable Shipping Framework and managed the process with Clean Shipping Index and Bureau Veritas, which verified the vessel’s compliance with applicable sustainability principles.
Jan Valkier, CEO Anthony Veder comments: “ The creation of this framework reflects our commitment to developing cost and energy-efficient solutions for small to mid-size LNG carriers and we are extremely pleased with this innovative transaction and the professional and efficient manner in which ABN AMRO and Delta Lloyd managed this process.”
“This is a unique deal. ABN AMRO and Delta Lloyd are the first financial institutions to perform a thorough sustainability assessment of a ship design during the loan approval process. Investing in clean ships is a key driver for enhancing the environmental development of the maritime industry and sets a good example for other banks and investors, ” Merijn Hougee of Clean Shipping Index said.