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    EU Flags €150mn Loans for Cleaner Ships

Summary

The European Investment Bank (EIB) and Dutch bank ABN Amro have agreed jointly to finance loans to support greener shipping.

by: Mark Smedley

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Natural Gas News, Europe, Gas for Transport, News By Country, EU, Netherlands

EU Flags €150mn Loans for Cleaner Ships

The European Investment Bank (EIB) and Dutch bank ABN Amro announced April 21 the signature that day of an agreement to support investment to green Europe’s shipping fleet. LNG, which is a lower-sulphur marine fuel than heavy fuel oil, is expected to benefit 

The arrangement will unlock €150mn in loans to support green shipping, said the European Commission (EC). It will support the refurbishment of older shipping units and the construction of new ones in order to reduce the sector's carbon footprint, in line with the EC’s strategy for low-emission mobility adopted June 2016. LNG-fuelled newbuild ships and engines for retrofitting ships are expected be among those to benefit from funding.

EIB vice-president Pim van Ballekom said: “By allowing the EIB to take more risk, the Investment Plan for Europe enabled us to create a new instrument to support shipping companies in complying with the European sustainability standards.” ABN Amro’s head of commercial clients Daphne de Kluis said the Dutch bank was very happy we can support the initiative.

Titan to supply LNG to Dutch inland vessels operator

Titan LNG and Amulet Management & Services (AMS) announced the signing of a two-year bunkering supply contract for the LNG fueled-barges MS Green Rhine and MS Greenstream. It marks the first bunkering supply contract for the FlexFueler, Titan LNG's bunkering pontoon, operational mid 2018.

Titan will supply LNG to AMS, which in turn bunkers inland ships. Greenstream and MS Green Rhine were the first two LNG-fueled, electric driven vessels to operate in the Antwerp-Rotterdam-Amsterdam region and are among seven vessels under its management.

Igor Jansen, director at AMS in Zwijndrecht, said: “We are very pleased with the FlexFueler project and think it is the best way to kick start the LNG bunkering market. By running on LNG, we are not only operating economic and future proof vessels, but we are also ensuring that we play our part in reducing greenhouse gas emissions and more importantly reducing local emissions.”

 

Mark Smedley