Spliethoff secures EUR 110m for scrubbers and BWTS

Spliethoff secures EUR 110m for scrubbers and BWTS
L-R: Stephen Fewster (ING), Frank Nietzman (Spliethoff), Francois Gaudet (EIB)

Dutch ship management company Spliethoff has secured a EUR 110.4 million loan for the installation of scrubbers and ballast water management systems (BWMS) across 42 of its vessels.

The loan has been provided by ING and the European Investment Bank (EIB) as part of a EUR 300 million joint EIB-ING Green Shipping Partnership, signed in 2018 to support sponsors of green and sustainable projects in the maritime sector. The EIB will contribute 49.5m to a 110.4m ING Bank NV arranged facility.

Seventeen Spliethoff vessels will be retrofitted with both scrubbers and BWTS, 5 vessels with just scrubbers, and twenty vessels with only BWMS.

The installations will enable Spliethoff to be compliant with IMO and EU regulations on air emissions and prevent the transfer of invasive species.

The EIB loan will be supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe, as well as the Connecting Europe Facility (CEF).

EIB vice-president Vazil Hudak, stated: “Our joint programme with ING shows that greening the transport sector makes business sense, other than just being important for the environment. The support from the European Commission helps to make the maritime transport sector easier to finance for the Bank, a good example of cross-European teamwork.”

Michel Fransen, CFO, Spliethoff Group, added: “We have been installing scrubbers on our fleet since 2013 and are very happy with the results so far. Scrubbers are a very environmentally friendly solution to comply with the 2020 regulations. LNG or hydrogen may have the potential to become even better alternatives in the future, but only in the longer term. The investment in scrubbers also safeguards the interest of our shareholders against uncertainties in fuel availability and pricing.”

Stephen Fewster, Global Head of ING Shipping said: “Sustainability is an important strategic priority for ING. As a bank, we make the most impact through our financing. Therefore, we are very proud to partner with the EIB to provide financing to Spliethoff to support their transition to a more sustainable business model while also meeting increasing environmental standards.”