KfW IPEX-Bank finances Finnlines’ hybrid RoRo ship
Germany’s bank KfW IPEX-Bank and Finnish ferry operator Finnlines, part of Italy’s Grimaldi Group, have signed a €40 million (around $47 million) loan agreement to finance a hybrid roll-on/roll-off (RoRo) vessel.
“We are very pleased to have acquired Finnlines, another … RoRo/RoPax operator on the North and Baltic Seas, as a customer whose commitment to environmentally friendly and sustainable ferry transport we are happy to support,” Andreas Ufer, the Member of the Management Board of KfW IPEX-Bank responsible, commented.
“For us, this project is another step in our plan to finance sustainable projects in the shipping industry.”
The RoRo ship owned by Finnlines is among several projects KfW IPEX-Bank recently financed. In 2019 alone, the bank provided funds for four new product tankers ordered by Vista Shipping. It also financed an LNG-powered fast ferry for Tallink, two new cement carriers for Baltrader, a fleet expansion program of Anthony Veder. What is more, in 2019, KfW IPEX-Bank provided financing for two transport vessels for Royal Arctic Line and a third LNG-powered cruise ship for Aida Cruises.
Finnlines’ hybrid RoRo vessels
KfW IPEX-Bank has now awarded the loan for one of three identical newbuilds ordered by Finnlines from the Chinese Nanjing Jinling Shipyard.
The 17,400 dwt ships are designed for flexible “rolling” cargo such as trailers and trucks. The investment for the vessel trio amounts to around €200 million and is part of the company’s ongoing €500 million newbuilding programme which also includes two eco-friendly Superstar RoPax ships.
The KfW IPEX-Bank comes only days after Finnlines secured another loan of €30 million to finance the acquisition of the three RoRos.
The environmentally friendly vessels were designed in cooperation with marine design experts from Danish company Knud E. Hansen.
The vessels will be built with the latest technology to ensure the lowest CO2 emissions. In addition to lithium-ion batteries that enable zero-emission operations in port, they will be equipped with the latest generation of engines that ensure the lowest fuel consumption and lowest emissions.
Once delivered in 2021-2022, the vessels will be deployed on the busy North and Baltic Sea routes, where they will be among the greenest RoRo vessels.