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Editor in chief: Angelo Scorza
07/10/19 10:40

EIB to grant 70 million euro to Grimaldi

If it is granted, the loan will finance a 152 million plan to equip 44 ships of Grimaldi’s fleet with scrubbers

The European Investment Bank (EIB) recently revealed that it is evaluating a 70 million euro loan request submitted by the shipping group Grimaldi.

The loan is related to the installation of scrubbers on 44 ships: 10 ro-pax units, 17 con-ro, 11 ro-ro and 6 car carriers.

“The purpose – the EIB explained in a note – is ensuring that the applicant’s fleet complies with the International Maritime Organization’s (IMO), the International Labour Organizations’s (ILO) and the EU regulations governing emissions. The project will contribute to a significant strengthening of the fleet’s environmental performance”.

The loan, which will cover only part of the total retrofitting costs related to the 44 units (152 million euro), is still subject to evaluation by the Bank. However, Grimaldi has a long-standing relation with the EIB, which already granted it significant financings, both for the purchase of new units and for the renovation of the ships belonging to its subsidiary Finnlines in order to reduce emissions.

The loan conditions in case an agreement is reached have not been disclosed. As concerns the shipyard to be entrusted with the works, the EIB revealed that, being a private company, Grimaldi will not have to launch an European call for tender, rather it will have to engage in negotiations with several shipyards, which have already been identified (as it emerges from the specification that they have the necessary environmental and social certifications), though their names are still unknown.



TAG : Finance