KfW IPEX-Bank funds C. Armateurs’ eco-friendly bulkers

Business & Finance

April 2, 2024, by Naida Hakirevic Prevljak

Germany’s KfW IPEX-Bank has decided to support the fleet modernization of Switzerland-based shipping group C. Armateurs, part of the Cobelfret group, with a financing of €42 million.

As informed, the funds are being used to further rejuvenate and upgrade the fleet by building two identical Kamsarmax dry bulk carriers, which the company ordered from the Japanese shipyard Oshima Shipbuilding.

The vessels comply with the strict EEDI2 phase 3 rating and are IMO Tier III NOx compliant.

The purpose of the facility is the fleet’s renewal and modernization to enhance efficiency and reduce emissions in order to meet the increasingly strict requirements of the IMO and charter companies.

The ships will be delivered in Q4 2024 and are already assigned to long-term charter contracts.

“We are delighted to further develop our long-standing customer relationship with the Cobelfret Group and are pleased to support the renewal of their fleet in pursuit of environmentally friendly and sustainable freight transport by sea,” Andreas Ufer, Member of the Management Board of KfW IPEX-Bank, commented.

“With this financing, we are once again underscoring our commitment to supporting our customers in their transformation to climate-friendly and CO2-efficient shipping.”

The Swiss shipping company operates a fleet of dry bulk carriers, which supply companies in agriculture and fertilizer production, energy, construction and mining.

In related news, KfW IPEX-Bank recently provided financing for the new Duisburg Gateway Terminal (DGT), described as Europe’s first fully climate-neutral terminal using hydrogen technology and the first one to be intelligently networked.