Klaveness Combination Carriers secures the first sustainability linked bank financing in Norwegian shipping
Klaveness Combination Carriers ASA (KCC) has secured a USD 60 million Sustainability Linked Term Loan and Revolving Credit Facility for the financing of the seventh and eight CLEANBU vessels with delivery in 2021 where Nordea is acting as Coordinator and Bookrunner and Credit Agricole CIB as Sustainability Agent, the company said in its release.
The credit margin will be adjusted, up or down, based on KCC’s sustainability performance, as defined by the company’s ability to meet its goal of reducing CO2 emissions per ton of transported cargo per nautical mile (EEOI) and reducing absolute CO2 emissions per vessel. KCC’s ambition is to be carbon neutral by 2030, to reach the International Maritime Organization’s carbon intensity target for 2030 already in 2022 and to reduce absolute emissions per vessel by 15% from 2018 to 2022. On the way to reaching these goals, KCC’s sustainability performance/KPIs will be disclosed on a quarterly basis and main KPIs will be subject to an annual external audit.
KCC’s fleet of combination carriers are built for transportation of both wet and dry bulk cargoes and are operated in trades where the vessels efficiently combine dry and wet cargoes with minimum ballast. The resulting high utilization and efficiency already makes KCC’s fleet the most carbon efficient deep-sea transport system for tanker and dry bulk cargoes in the world, with up to 40% less CO2 emitted per transported ton compared to standard vessels.