The facility refinances the undrawn $5.1bn facility maturing in 2021 and has a tenor of five years which may be extended by up to two years. It will be part of the company’s liquidity reserve.

We have received strong support from our global relationship banks. The facility was substantially oversubscribed, and we are pleased with the terms and conditions of the new facility. With the new facility we have extended the maturity profile of our finance commitments, while aligning with our sustainability ones

stressed Henriette Hallberg Thygesen, CEO of Fleet & Strategic Brands.

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In 2019, Maersk announced its commitment to becoming carbon neutral by 2050. The new finance facility affirms Maersk’s efforts to drive sustainability into its operations and supply chains.

Ms. Thygesen also added that considering the lifespan of Maerk's fleet, the company needs to find new and sustainable solutions to propel its vessels within the next 10 years. To realize this ambitious commitment, Maersk is partnering with researchers, regulators, technology developers, customers, energy providers and now banks.

Recently, Maersk's CEO, Soren Skou said that the company is planning to increase the proportion of high sulphur fuel oil it consumes from 10% to 25% by the year-end. Maersk consumed a total of around 11.80 million tonnes of shipping fuel last year.

The shipping firm's current shipping fuel use comprises of around 10% ultra low sulphur (0.1%) fuel oil, 10% high sulphur fuel oil and the remaining 80% is low sulphur fuel oil.