Overview
In the green investments program of Marine Money Green we will be investigating the different technologies, procedures and hardware that can be used to reduce carbon emissions and return a positive investment to shareholders. The focus will be on the business case of these new carbon reduction capabilities and how the financial case can be made for them for owners and managers.
Current investment focus will be on:
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Retrofits
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Alternative Fuels
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New build designs
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Digital tools for vessel optimization
Event Videos
Green Investment Articles
The New Class of CII Rating Specialist Impacting the Bottom Line
Mar 28, 2022
With real money on the line, emissions data and all manner of calculations derived from it are now moving from the realm of “obscure” (lurking in the file cabinets of owners’ technical departments) to widely available public disclosures. Not surprisingly, a number of new product introductions occurred in conjunction with the IMO’s MEPC 77 then the COP26 meetings in November 2021- where the CII ratings timeline over the next few years was solidified.
A Masterfully Executed Campaign: The Institutional Debt Deals of the Year
Mar 1, 2022
This is not an award for a single transaction, but instead acknowledges the brilliant execution of a strategy. Back in November 2018, Atlas Corp. (then Seaspan Corporation) laid out its plans for the future of the company in its Investor Day presentation.
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.
Reaping digital rewards: API pot of gold at the end of the rainbow for shipping
Mar 17, 2022
Data-sharing could unlock billions of dollars in commercial benefits for shipping as well as accelerate decarbonisation. But legacy systems and a restrictive mindset are hindering the industry’s digital transformation and stalling the vital transition to an API economy seen in other industries.
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).
Green Investment Deals
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
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
Headline
Eneti Inc. closes on partial financing for two wind turbine installation vessels ("WTIV")
Company
Eneti Inc.
Type
Loan
Sector
Offshore Wind
Amount (mUSD)
436
Transaction Date
11/30/23
Comments
Net proceeds will be used to finance 65% of the construction costs for the two newbuilds. The bank consortium consists of major commercial banks and government Export Credit Agencies.
Headline
Nautilus Labs Completes Series B
Company
Nautilus Labs
Type
Equity
Sector
Other
Amount (mUSD)
34
Transaction Date
3/16/22
Comments
Series B funding round included participation from M12 (Microsoft’s venture fund), the Microsoft Climate Innovation Fund, NSS Advisors, Systemiq Capital, Root Ventures, Quiet Capital, TMV, and Amplifier. Proceeds will be used to develop and deploy new product capabilities that support client goals to drive decarbonization while maximizing profits, attract fresh tech talent, and open and expand new offices in key shipping hubs worldwide.
Headline
Eureka Shipping Secures Financing for Newbuildings
Company
Eureka Shipping Ltd
Type
Loan
Sector
Drybulk
Amount (mUSD)
32.2
Transaction Date
3/2/22
Comments
The company will use the proceeds to finance 3x 4,250 dwt "eco" cement carriers newbuildinds with deliveries in 2022 and 2023. The vessels can burn bio-fuel and have the potential to switch to green methanol with limited additional investment to achieve significantly reduce CO2 emissions per ton carried. Atradius, a Dutch export credit agency, is providing an export credit guarantee for the financing arrangement.
Headline
Hurtigruten AS Places EUR 50 million of Green Bonds
Company
Hurtigruten ASA
Type
Bond
Sector
Cruise
Amount (mUSD)
56.5
Transaction Date
2/3/22
Comments
Placement of green bonds with proceeds to finance green projects as defined in Hurtigruten Group's Green Bond Framework, including the upgrading of 3 ships in the Hurtigruten Norway fleet to battery-hybrid power. The vessels will be equipped with new low-emission engines with Selective Catalytic Reduction and large battery packs to reduce CO2 emissions by 25% and NOX emissions by 80%. The company is rated by S&P as CCC+/Caa1 on stable and negative outlooks, respectively.
Headline
U-Ming and OCBC Sign SLL
Company
U-Ming Marine Transport
Type
Loan
Sector
Diversified
Amount (mUSD)
70
Transaction Date
2/9/22
Comments
Sustainability-linked loan aligned with the IMO's 2050 carbon reduction target. Proceeds will be used to purchase 2x 210,000 DWT bulk carriers with reduced fuel consumption.
Headline
Seaspan Announces Second ECA-JOLCO Deal
Company
Seaspan Corporation
Type
Loan
Sector
Container
Amount (mUSD)
1400
Transaction Date
12/23/21
Comments
The company's second ECA-JOLCO transaction. Proceeds will be used to finance 10x 15,000 TEU LNG dual-fuel newbuildings. KEXIM is providing a buyer credit guarantee and direct funding. K-Sure has provided their LOI in strong support of the transaction. The transaction incorporates all requirements with respect to the Poseidon Principles.
Headline
$110 Million Facility to Finance SCF Newbuildings
Company
Sovcomflot
Type
Loan
Sector
Tanker
Amount (mUSD)
110
Transaction Date
11/15/21
Comments
Credit facility to finance the purchase of two ice-class shuttle tanker newbuildings with deliveries in Q1 2022 and on charter to Exxon for servicing the Sakhalin 1 project. The vessels will incorporate improved fuel efficiency and decreased CO2 emissions by at least 10%.
Headline
BoComm Funds INSW Funds Newbuildings
Company
International Seaways Inc.
Type
Lease
Sector
Tanker
Amount (mUSD)
245
Transaction Date
11/15/21
Comments
Sale-leaseback of 3x dual-fuel LNG VLCC newbuildings with deliveries during the first quarter of 2023. The vessels were chartered back for 7 years and include purchase options.