Maritime Partners, a provider of maritime financing solutions primarily focused on Jones Act vessels, has closed a sale-leaseback refinancing of the hydrogen-powered passenger ferry Sea Change, developed by shipping company SWITCH Maritime, marking the company’s entry into the ferry sector.
As disclosed, the transaction is the first in a planned collaboration between Maritime Partners and SWITCH aimed at modernizing the aging U.S. ferry fleet with next-generation technology and financing solutions.
Dave Lee, VP of Technology & Innovation at Maritime Partners, commented: “This partnership demonstrates Maritime Partners’ continued commitment to innovation, and to expanding our financing solutions into more critical transportation segments of the maritime industry that require capital to renew and future-proof their fleets.”
To note, in 2024, Sea Change, a 75-passenger catamaran ferry featuring 600 kW of electric motor propulsion, powered by 360 kW of fuel cells with 246 kilograms of gaseous hydrogen storage at 250 bar pressure, began commercial operation in San Francisco Bay.
Reportedly, the shipping company expects to use the proceeds of the refinancing deal to complete engineering and support the next-phase build cycle, with zero-emission vessels that can meet the same size and performance as the diesel vessels needing replacement in major U.S. markets, such as San Francisco, Seattle, Boston, and New York City.
Pace Ralli, CEO at SWITCH Maritime, stated: “We’re excited to build on the foundation that we’ve established with the Sea Change and start our next build cycle. Core to advancing our mission is being able to finance projects on the leading edge of the technology adoption curve, and our partnership and strategic alignment with Maritime Partners helps accelerate that growth trajectory.”
Austin Sperry, Co-Founder and President of Maritime Partners, remarked: “We are impressed by the SWITCH team’s ability to successfully execute on difficult design, construction and regulatory challenges, and their work is very complimentary to our work in larger vessel types, such as our projects with e1 Marine. Maritime Partners is here to support the expansion of SWITCH’s fleet of next-generation vessels with financing solutions for U.S. and global ferry operators.”
It is worth mentioning that in late 2024, SWITCH Maritime, in collaboration with LH2 Shipping and LMG Marin, revealed plans to commence the U.S. construction of the existing liquid hydrogen-fueled RoPax vehicle ferry MF Hydra operating in Norway.
The ferry is expected to have a service speed of 14 knots and to require fueling only once per week in a typical operation, with no requirement for shoreside electric charging infrastructure.