MOL secures green loan for Total-chartered LNG bunkering newbuild
Mitsui O.S.K. Lines, (MOL) has signed its first green loan, to partially finance the construction of the world’s largest LNG bunkering vessel, which will be chartered by France’s Total and owned and operated by MOL.
The loan is provided by BNP Paribas and the Export-Import Bank of China (CEXIM), with both banks acting as Mandated Lead Arrangers and BNPP acting as Sole Green Structuring Advisor.
Green Loans are used to raise funds for businesses aimed at protecting and improving the environment.
Matthew Forrest, head of shipping, Southeast Asia, BNP Paribas, said, “LNG bunkering vessels have a key role to play in meeting the shipping industry’s growing appetite to use LNG as a cleaner fuel alternative.”
He added that this is a milestone transaction as it is the first green loan worldwide financing this vessel category.
CEXIM advocates the idea of green credit and green finance and is aiming to place greater emphasis on supporting green vessels that are compliant with the trend of sustainability and environmental protection.
The 18,600-cbm vessel has been chartered by Total Marine Fuels Global Solutions. It will be operated in Northern Europe and will be used in particular to supply CMA CGM’s newbuild mega container ships. The vessel will be built by the Hudong-Zhonghua Shipbuilding in China and delivered in 2020.