Fincantieri lands €415 million green loan

Italian shipbuilder Fincantieri has secured a “green” loan totaling €415 million intended for the construction of ‘low-carbon’ cruise ship Mein Schiff Relax.

The loan is being provided by Intesa Sanpaolo’s IMI Corporate & Investment Banking Division and Cassa Depositi e Prestiti (CDP)-

Mein Schiff Relax is the inaugural vessel in the dual-fuel inTUItion-class cruise ship series of TUI Cruises—a joint venture between TUI AG and Royal Caribbean Cruises. The ship is designed to operate on both liquid natural gas (LNG) and marine gas oil (MGO). What is more, it will be capable of using low-emission fuels such as bio-LNG or e-LNG.

Boasting approximately 160,000 gross tons, these ships are set to become the backbone of TUI Cruises’ future fleet. The order is based on a prototype project developed by Fincantieri, which prioritizes energy efficiency, reduction of operational consumption, and minimizing environmental impact in compliance with the latest regulations.

Fincantieri’s Monfalcone shipyard launched the cruise ship at the end of November.

Marking Fincantieri’s first pooled endeavor of this nature, the financing is designated as “green” following a rigorous assessment of the underlying construction project against the climate change mitigation objectives outlined by the European Taxonomy.

The vessel is characterized as having an Energy Efficiency Existing Ship Index (EEDI) value 10% lower than the stipulated requirements and relying on zero-emission fuels, either directly or sourced from renewable origins.

This financial initiative represents a key component of Fincantieri’s broader commitment to constructing cruise ships with net zero emissions.