Green Loan finance for LNG dredgers
Dutch dredging major Van Oord has developed a Green Loan Framework which is being used to finance three LNG powered trailing suction hopper dredgers currently under build at the Keppel FELS yard in Singapore.
The new addition to Van Oord’s financial strategy saw the first loans under the agreement signed by Rabobank and BNP Paribas in May. The Green Loans are linked to Van Oord’s sustainability programme, S.E.A. (Sustainable Earth Actions), which is intended to accelerate climate initiatives, enhance energy transition and empower both nature and communities.
The Green Loan is structured according to the Green Loan Principles 2020 as drawn up by the Loan Market Association, the authoritative voice of the syndicated loan market. The Green Loan Principles aim to support environmentally sustainable economic activities. Van Oord’s Green Loan Framework contains the criteria that the vessels must meet in order to qualify for this type of loan. one of the advantages of the Green Loan Framework is that additional green loans can be added to the framework in future.
The new trailing suction hopper dredgers are part of Van Oord’s innovative investment programme and fit in with the company’s ambition of making its fleet more economical and energy efficient. The vessels will obtain a Green Passport and Clean Ship Notation. By using LNG, Van Oord will reduce the emissions of its fleet.
Each vessel will measure 138m LOA, with a beam of 28m and a hopper capacity of some 10,500m3. The investment is part of a fleet renewal programme, with the newbuilds replacing existing vessels to create a more energy efficient fleet. To that end, a climate control system on board will utilise the vessel’s existing cooling and heating sources to recycle energy as efficiently as possible. Automated systems will be more advanced than ever before, with integrated vessel data processed at a shoreside support centre.
The newbuilds will be equipped with a single suction pipe featuring an e-driven submerged dredge pump, two shore discharge dredge pumps, five bottom doors, and a total installed power of 14,500kW.
The first two vessels, Vox Ariane and Vox Apolonia will be delivered next year, with the third vessel due in 2022.
By Larz Bourne
