The Swiss asset manager ProMarine has launched what it claims to be the world’s first shipping fund that invests exclusively in methanol-powered ships.
It is the industry’s first sustainable shipping fund, ProMarine has now announced. The portfolio initially comprises four methanol-powered MR tankers from Stena Bulk. The bunker supplier and methanol producer Proman is also on board. [ds_preview]
The fund will be supported by equity investors and will receive a loan from the Dutch bank ABN Amro, which has been classified as a “green loan” by the classification society DNV, the statement continues.
Four Stena tankers as a start for the ship fund
Stena is contributing the four ships “Stena ProPatria”, “Stena ProMarine”, “Stena Promise” and “Stena Prosperous”. These are IMO II MeMAX ships with an optimized ship design and efficient propulsion systems. Stena and Proman have concluded an exclusive supply agreement for the supply of methanol.
Proman is also behind the company ProMarine. David Cassidy, Managing Director of the manufacturer, is also Chairman of the Advisory Board at ProMarine. “By providing an alternative financing mechanism, our fund can help facilitate the industry’s transition to lower emission fuels.”
Erik Hånell, board member at ProMarine and CEO of Stena Bulk, sees the strategic collaboration and innovative financing as the beginning of a new era in maritime transportation. “We are setting course for cleaner oceans and a more responsible shipping industry.”
The shipping fund, called “Lemsco”, will invest in sustainable shipping projects in addition to the four Stena ships and thus offer investors the opportunity to invest directly in the energy transition in the shipping industry. ProMarine will act as investment advisor and general partner for Lemsco.
