EuropeFinance and Insurance

Klaveness Combination Carriers secures green financing for two vessels

Norwegian owner Klaveness Combination Carriers has secured a $60m sustainability linked term loan and revolving credit facility for the financing of the seventh and eighth of its newbuild CLEANBU vessels.

The two vessels are currently under construction at Yangzijiang Shipbuilding, with delivery scheduled in 2021.

According to the company, the credit margin will be adjusted based on KCC’s sustainability performance as defined by the company’s ability to meet its goal of reducing CO2 emissions per ton of transported cargo per nautical mile (EEOI) and reducing absolute CO2 emissions per vessel.

KCC’s ambition is to be carbon neutral by 2030, to reach the IMO’s carbon intensity target for 2030 in 2022, and to reduce absolute emissions per vessel by 15% from 2018 to 2022.

“We strongly believe in the greening of capital and that access to competitive funding going forward will be based on the ability to deliver green transformation. Linking pricing to emissions performance demonstrates our commitment towards our targets to substantially improve CO2 efficiency in our fleet,” said Liv Dyrnes, CFO of Klaveness Combination Carriers

“This facility shows us that sustainability ambitions pay off and we are pleased to co-operate with banks that have the same ambitions as us when it comes to sustainability,” Dyrnes added.

Nordea is acting as coordinator and bookrunner and Credit Agricole CIB as sustainability agent of the financing deal.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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