ProMarine AG has announced the launch of a sustainable shipping fund with an initial portfolio of four methanol-fuelled MR tankers led by Proman and Stena Bulk AB.
The Low Emission Methanol Shipping Company S.C.A. SICAV–RAIF (LEMSCO) is the result of a collaboration between Proman and Stena Bulk. The Fund is backed by equity investors and benefits from a green loan from ABN AMRO. LEMSCO’s seed assets consist of four methanol fuelled vessels acquired from Proman and Stena Bulk:
- Stena Pro Patria
- Stena Pro Marine
- Stena Promise
- Stena Prosperous
We are delighted to be launching LEMSCO, which is pioneering in its efforts to address the air pollution and wider environmental concerns surrounding the maritime industry
… said David Cassidy, Chairman of the ProMarine Board and Chief Executive of Proman
According to ProMarine AG, fully re-engineered for low resistance and efficient propulsion, these IMOIIMeMAX vessels are amongst the most energy efficient and sustainable MR tankers in the world, with methanol power providing a pathway to eliminating nearly all greenhouse gases.
LEMSCO will also benefit from a dedicated methanol supply contract from Proman, ensuring that the fleet’s operations are not only cost-effective but also powered by a technology-proven and globally available low-emission alternative fuel. Furthermore, LEMSCO will invest in shipping and associated infrastructure with the aim of reducing emissions from the global maritime sector.
ABN AMRO provided debt financing to the Fund which was independently assessed against the LMA Green Loan Principles and has been successfully designated as a Green Loan by DNV.
LEMSCO represents a step towards meaningful change, enabling investors to support a greener, more sustainable shipping industry. Together, we are charting a course towards cleaner oceans and a more responsible shipping industry
… commented Erik Hånell, Board Member of ProMarine and President & CEO at Stena Bulk AB
