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GREEN FINANCING

Overview

We will be collecting all transaction data that has a green financing element to it, as well as elaborating on new green financing techniques and strategies we are seeing come to market. To ensure that we have the most up-to-date information, we will be hosting green financing experts who are involved in these transactions to shed further light on this important topic. 

Current focus will be on:

  • Sustainability-linked loans

  • Green bonds

  • ESG Metric Reporting

  • Carbon Credit Markets

Featured Content

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Green Financing Report

Marine Money brings you Green & Sustainability-linked Financing for Shipping: Understanding the Requirements, Benefits and Costs of Responsible Finance. From second party opinions to Key Performance Indicators, this report helps borrowers understand the key considerations of this fast-growing market for capital.

Event Videos

Green Financing Articles

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A Delayed Opening

Apr 14, 2022

Wallenius Wilhelmsen ASA reopened the Nordic bond market with a NOK 1.25 billion sustainability-linked bond.

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The First But Certainly Not the Last: The Norwegian Bond Deal of the Year

Mar 1, 2022

Last January, Odfjell SE successfully completed a new sustainability-linked four-year senior unsecured bond issue of NOK 850 million (~$100 million).

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e1 Marine & the $40 million win, Win, WIN!: The Preferred Equity Deal of the Year

Mar 1, 2022

Shipping companies generally issue preferred shares for three basic reasons: (1) they need the cash; (2) their balance sheet can’t support more cheap debt; and (3) their share price is so low that issuing common equity would be unduly dilutive to shareholders.

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There Is Always a First Time

Mar 10, 2022

In its recent earnings presentation, BW LPG highlighted the upsizing of its existing $221 million facility with a $40 million sustainability-linked loan to finance the retrofitting of four dual-fuel LPG propulsion engines.

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Höegh Autoliners Equity Private Placement to Fuel Green Transition of Fleet: Equity Private Placement Deal of the Year

Mar 1, 2022

On November 24th, 2021, Höegh Autoliners, one of the leading global operators in the car carrier shipping segment, completed a landmark private placement of NOK 1,365m (USD 135m).

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Everything Is Coming Up Green

Feb 24, 2022

Eneti announced commitments for a $175 million green loan.

Green Financing Deals

Headline

Hafnia inks a sustainability linked loan facility

Company

Hafnia Limited

Type

Revolving Credit Facility

Sector

Tanker

Amount (mUSD)

303

Transaction Date

9/19/23

Comments

The facility is backed by a group of eight banks and secured by nine Hafnia chemical tankers. The facility has an annual Sustainability Margin Adjustment Mechanism with DNV providing the second party opinion on key performance indicator (KPIs).

Headline

COSCO Shipping Energy Transportation ("CSET") inks first ESG linked loan

Company

COSCO SHIPPING Energy Transportation

Type

Loan

Sector

Tanker

Amount (mUSD)

206

Transaction Date

9/15/23

Comments

The loan requires an independent third party, China Chengxin Green Finance Technology, a subsidiary of China Chengxin International Credit Rating, to assess and verify CSET’s performance on ESG targets. Meeting ESG targets may result in interest reductions.

Headline

Maersk goes to market with their second green bond facility

Company

A.P. Moller - Maersk A/S

Type

Bond

Sector

Diversified

Amount (mUSD)

750

Transaction Date

9/14/23

Comments

The facility is Maersk's first sale of dollar denominated bonds. Proceeds will be used to finance the construction of eight methanol-powered vessels.

Headline

Bound4Blue completes Series A fund raising

Company

Bound4Blue

Type

Equity

Sector

Infrastructure

Amount (mUSD)

24

Transaction Date

9/7/23

Comments

Bound4Blue raised funds from venture capital firms such as GTT Strategic Ventures, Louis Dreyfus Company Ventures, European Innovation Council and a number of others. Funds will be used to advance development of eSail wind propulsions products.

Headline

Bonheur ASA successfully raises finance via a green bond placement

Company

Bonheur ASA

Type

Bond

Sector

Diversified

Amount (mUSD)

56

Transaction Date

9/6/23

Comments

Net proceeds will be used to finance and/or refinance green projects undertaken by the Bonheur family of companies.

Headline

Major Norwegian renewable energy producer issues green bonds - Tranch - 2 - NOK 500 million

Company

Å Energi

Type

Bond

Sector

Infrastructure

Amount (mUSD)

28

Transaction Date

9/5/23

Comments

Å Energi AS, rated A- (Positive) by Scope, has today successfully issued senior unsecured green bonds with a total amount of NOK 1 000 million. The transaction was split into two tranches

Headline

Major Norwegian renewable energy producer issues green bonds - Tranch 1 - NOK 700 million

Company

Å Energi

Type

Bond

Sector

Infrastructure

Amount (mUSD)

65

Transaction Date

9/5/23

Comments

Å Energi AS, rated A- (Positive) by Scope, has today successfully issued senior unsecured green bonds with a total amount of NOK 1 000 million. The transaction was split into two tranches

Headline

Klaveness Combination Carriers ("KCC") taps the Norwegian bond market again

Company

Klaveness Combination Carriers AS

Type

Bond

Sector

Diversified

Amount (mUSD)

47.35

Transaction Date

8/30/23

Comments

The transaction was significantly oversubscribed and the margin was below the price on the existing bond, down by 110 bps.

Headline

Wallenius Wilhelmsen ("WW") went to the Oslo bond market for new corporate finance

Company

Wallenius Wilhelmsen ASA

Type

Bond

Sector

Drybulk

Amount (mUSD)

94.9

Transaction Date

8/17/23

Comments

The bonds are sustainability linked and will be used to refinance existing debt and general corporate purposes.

Headline

Euronav inks a long term sustainability linked loan for 1 VLCC and 3 Suezmax tankers

Company

Euronav NV

Type

Loan

Sector

Tanker

Amount (mUSD)

190.5

Transaction Date

8/3/23

Comments

The 12 year term loan finances 4 vessels, the VLCC Covis and Suezmax Brugge, Brest and Bristol. The loans are linked to sustainable ESG targets which will be verified by third party KSure.

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