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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

Haventus to develop Scottish port for wind farm development

Company

Haventus

Type

Loan

Sector

Offshore

Amount (mUSD)

127.1

Transaction Date

5/13/24

Comments

The credit facility will underpin the creation of a nationally significant infrastructure facility to support industrial-scale deployment of fixed and floating offshore wind structures. No additional details are available.

Headline

Okeanis Eco Tankers (Okeanis) refinances two VLCCs to reduce costs

Company

Okeanis Eco Tankers Corp.

Type

Loan

Sector

Tanker

Amount (mUSD)

60

Transaction Date

5/20/24

Comments

Okeanis entered into a new $60.0 million senior secured credit facility to refinance the Company’s existing facility secured over the VLCC vessel Nissos Kythnos and for general corporate purposes. The facility also includes a sustainability linked margin adjustment provision, starting in 2025, whereby the applicable margin may decrease or increase by 5 basis points per year, subject to the Company meeting certain sustainability linked targets.

Headline

Euroseas Ltd. taps Dubai bank for MV Stefania K financing

Company

Euroseas Ltd.

Type

Loan

Sector

Container

Amount (mUSD)

22.5

Transaction Date

5/8/24

Comments

The National Bank of Fujairah DISC provides a sustainability linked loan to, when combined with a new 10 to 12 month charter, fund the construction of the new 1800 TEU Containership the MV Stefania K (sister vessel to the MV Monica). Additional details were not disclosed.

Headline

Euroseas Ltd. taps Dubai bank for MV Monica financing

Company

Euroseas Ltd.

Type

Loan

Sector

Container

Amount (mUSD)

22.5

Transaction Date

5/8/24

Comments

The National Bank of Fujairah DISC provides a sustainability linked loan to, when combined with a new 10 to 12 month charter, fund the construction of the new 1800 TEU Containership the MV Monica Additional details were not disclosed.

Headline

MPC Container Ships (MPCC) goes green to finance two new container ships

Company

MPC Container Ships ASA

Type

Loan

Sector

Container

Amount (mUSD)

55

Transaction Date

4/25/24

Comments

MPC Container Ships ASA (MPCC) has successfully signed a pre- and post-delivery ECA covered financing agreement for its two dual-fuel methanol newbuildings scheduled for delivery towards the end of 2024. Additional details were not disclosed.

Headline

Mitsui OSK Lines (MOL) taps its green loan fund for a VLCC financing

Company

Mitsui O.S.K. Lines

Type

Loan

Sector

Diversified

Amount (mUSD)

130

Transaction Date

4/3/24

Comments

MOL has decided to apply the funds to finance the construction of an LNG dual fuel very large crude carrier (VLCC). Brokers believe the shipowner is paying about $130m per ship.

Headline

SFL – Places 4 year sustainability-linked bonds

Company

SFL Corporation Ltd.

Type

Bond

Sector

Diversified

Amount (mUSD)

150

Transaction Date

4/5/24

Comments

Net proceeds will be used to refinance existing bonds and for general corporate purposes.

Headline

Norwegian energy fund provides grant for Berents Sea oil field development

Company

Source Galileo Norge

Type

Equity

Sector

Offshore Wind

Amount (mUSD)

190

Transaction Date

3/12/24

Comments

Odfjell Oceanwind, Source Galileo Norge and Vår Energi are collaborating on a pilot project for a floating offshore wind farm in the Barents Sea. Norwegian government clean energy fund Enova SF is providing significant development funding.

Headline

A. Energi a major supplier of renewable energy including hydro and wind concludes tranche 2 of a green bond issue

Company

A Energi AS

Type

Bond

Sector

Diversified

Amount (mUSD)

95.7

Transaction Date

3/11/24

Comments

A. Energi has today successfully issued tranche 2 of a senior unsecured green bonds with a total amount of NOK 1,250 million, the transaction was split into two tranches. Total issued for this tranche is NOK 1000 million

Headline

A. Energi a major supplier of renewable energy including hydro and wind concludes tranche 1 of a green bond issue

Company

A Energi AS

Type

Bond

Sector

Diversified

Amount (mUSD)

23.9

Transaction Date

3/11/24

Comments

A. Energi has today successfully issued tranche 1 of a senior unsecured green bonds with a total amount of NOK 1,250 million, the transaction was split into two tranches. Total bonds issued for this tranche totaled NOK 250 million

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