Splash 247

Societe Generale ups financial support for LNG-powered ships

Societe Generale ups financial support for LNG-powered ships

Array
(
    [0] => WP_Term Object
        (
            [term_id] => 66
            [name] => Bunkering
            [slug] => bunkering
            [term_group] => 0
            [term_taxonomy_id] => 66
            [taxonomy] => category
            [description] => Stay updated on what's going on in the bunkering sector by browsing the bunkering news archive. Find the latest maritime and shipping news on Splash 24/7.

Read the latest news about bunkering. Browse Splash 24/7 for more maritime and shipping news.

            [parent] => 54
            [count] => 204
            [filter] => raw
            [cat_ID] => 66
            [category_count] => 204
            [category_description] => Stay updated on what's going on in the bunkering sector by browsing the bunkering news archive. Find the latest maritime and shipping news on Splash 24/7.

Read the latest news about bunkering. Browse Splash 24/7 for more maritime and shipping news.

            [cat_name] => Bunkering
            [category_nicename] => bunkering
            [category_parent] => 54
        )

    [1] => WP_Term Object
        (
            [term_id] => 62
            [name] => Environment
            [slug] => environment
            [term_group] => 0
            [term_taxonomy_id] => 62
            [taxonomy] => category
            [description] => Stay updated on what's going on in the maritime environment by browsing the environment news archive. Find the latest maritime and shipping news on Splash 24/7.

Get the updated list of the latest maritime environment related news. Browse Splash 24/7 for more maritime and shipping news.

            [parent] => 54
            [count] => 559
            [filter] => raw
            [cat_ID] => 62
            [category_count] => 559
            [category_description] => Stay updated on what's going on in the maritime environment by browsing the environment news archive. Find the latest maritime and shipping news on Splash 24/7.

Get the updated list of the latest maritime environment related news. Browse Splash 24/7 for more maritime and shipping news.

            [cat_name] => Environment
            [category_nicename] => environment
            [category_parent] => 54
        )

    [2] => WP_Term Object
        (
            [term_id] => 70
            [name] => Europe
            [slug] => europe
            [term_group] => 0
            [term_taxonomy_id] => 70
            [taxonomy] => category
            [description] => Stay updated on what's going on in Europe by browsing the European region news archive. Find the latest maritime, offshore and shipping news on Splash 24/7.

Find here the updated list of the latest news about the European region. Browse Splash 24/7 for more maritime and shipping news.
            [parent] => 55
            [count] => 5518
            [filter] => raw
            [cat_ID] => 70
            [category_count] => 5518
            [category_description] => Stay updated on what's going on in Europe by browsing the European region news archive. Find the latest maritime, offshore and shipping news on Splash 24/7.

Find here the updated list of the latest news about the European region. Browse Splash 24/7 for more maritime and shipping news.
            [cat_name] => Europe
            [category_nicename] => europe
            [category_parent] => 55
        )

    [3] => WP_Term Object
        (
            [term_id] => 65
            [name] => Finance and Insurance
            [slug] => finance-and-insurance
            [term_group] => 0
            [term_taxonomy_id] => 65
            [taxonomy] => category
            [description] => This is the Splash 24/7 archive of maritime finance and insurance news coming from all over the world. News are sorted by release date, from the latest to the oldest.

Get the updated list of the latest news about finance and insurance. Browse Splash 24/7 for more maritime and shipping news.

            [parent] => 54
            [count] => 1200
            [filter] => raw
            [cat_ID] => 65
            [category_count] => 1200
            [category_description] => This is the Splash 24/7 archive of maritime finance and insurance news coming from all over the world. News are sorted by release date, from the latest to the oldest.

Get the updated list of the latest news about finance and insurance. Browse Splash 24/7 for more maritime and shipping news.

            [cat_name] => Finance and Insurance
            [category_nicename] => finance-and-insurance
            [category_parent] => 54
        )

)

Societe Generale has become the bank with the most overt support for LNG as a fuel for shipping. The French bank has become the first financial institution to sign up to SEA\LNG, the multi-sector industry coalition aiming to accelerate the widespread adoption of LNG as a marine fuel

Peter Keller, SEA\LNG chairman and executive vice president at American owner Tote, commented: “As the 0.5% global sulphur cap from January 2020 edges ever closer, the case for LNG as a marine fuel continues to gather momentum. Innovative financing is a core component to breaking down barriers to adoption and Societe Generale is at the forefront of developing frameworks to support this evolution. We are therefore delighted to welcome them to our growing coalition and look forward to benefiting from their extensive knowledge and experience.”

Societe Generale’s commitment to financing alternative solutions – which support the development of green maritime transport – is demonstrated by its involvement in the first transaction for the European Union’s recently instituted Green Shipping Guarantee programme. Societe Generale acted as the sole mandated lead arranger, lease investor, facility and security agent, hedge provider, and lender in a EUR142.6m French lease financing of Honfleur, the first LNG-powered ferry to be commissioned by Brittany Ferries, with a funded guarantee from the European Investment Bank.

Share this article

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts