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GREEN INVESTMENTS

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:

  • Retrofits

  • Alternative Fuels

  • New build designs

  • Digital tools for vessel optimization

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Event Videos

Green Investment Articles

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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.

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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.

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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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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.

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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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Eureka

Mar 3, 2022

On Tuesday, KfW IPEX-Bank announced that it is providing a EUR 29 million loan for the financing of three 4,250 dwt ECO cement carrier newbuildings for Eureka Shipping Limited.

Green Investment Deals

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

Golden Energy Launches Private Placement

Company

Golden Energy Offshore

Type

Equity

Sector

Offshore

Amount (mUSD)

11

Transaction Date

3/9/22

Comments

The proceeds will be used for the decarbonisation process, to pursue growth opportunities, and for general corporate purposes.

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.

Headline

Hafnia to Acquire CTI

Company

Hafnia Limited

Type

M&A

Sector

Tanker

Amount (mUSD)

Transaction Date

11/8/21

Comments

Share purchase agreement to acquire all outstanding shares in Chemical Tankers Inc. Consideration for the acquisition consists of shares in Hafnia representing 21.5% of the outstanding shares in the combined entity. CTI's major shareholder, Oaktree Capital Management, will hold 20.4% of the shares in the combined entity. The consideration was determined through a NAV for NAV framework, based on broker values and Q1 2021 balance sheets adjusted for other assets and liabilities within each business. CTI's fleet consists of 32 modern and fuel-efficient IMO II product/chemical tankers.

Headline

Maersk Issues EUR 500 Million Green Bond

Company

A.P. Moller - Maersk A/S

Type

Bond

Sector

Container

Amount (mUSD)

565

Transaction Date

11/19/21

Comments

Maersk launched a Green Finance Framework and issued its inaugural green bond to fund the construction of a feeder vessel and 8x large container vessels capable of operating on carbon neutral methanol by 2023 and 2024. The transaction was several times oversubscribed with a final order book of € €3.7bn from broad investor universe. The bond features the the lowest coupon ever for Maersk. The Green Finance Framework received a Cicero Medium Green shading and a governance score of Excellent.

Headline

Himalaya Shipping Raises $50 Million

Company

Himalaya Shipping Ltd.

Type

Equity

Sector

Drybulk

Amount (mUSD)

50

Transaction Date

10/11/21

Comments

Himalaya Shipping Ltd. is a newly established company backed by Mr. Tor Olav Troim that owns newbuilding contracts for 12 LNG-fueled Newcastlemaxes with delivery in 2023 and 2024. The private placement was directed towards Norwegian and international investors and upsized from $45 million to $50 million following strong investor demand. The pricing gives the company a pre-money equity value of approximately USD 175 million. Net proceeds will be used to pay newbuilding program instalments and general working capital purposes.

Headline

Industry-First CBI-Certified Loan for KiwiRail

Company

KiwiRail

Type

Loan

Sector

Other

Amount (mUSD)

242

Transaction Date

9/21/21

Comments

Pre and post-delivery financing for the construction of 2x inter-island rail-enabled hybrid-electric ferries from HHI. The facility was certified by the Climate Bond Initiative for demonstrating a clear path to achieving zero carbon emissions by 2050.

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