Containerships Secures Financing for LNG-Fueled Duo

Finland-based shortsea operator Containerships has secured financing for the acquisition of two new LNG-fueled container vessels to be constructed at China’s Yangzhou Guoyu Shipyard.

The move forms part of the company’s investment in up to six identical LNG-fueled vessels aimed at adapting its fleet and operations to new legislation on sulphur emissions. Containerships said that it plans to become the first shortsea container operator in Europe to run ships on LNG.

On March 24th, Containerships placed a EUR 45 million senior secured bond loan, the proceeds of which will be used to partially finance the acquisition. The bonds, maturing on 2 April 2019, will bear a floating coupon of 3 months Euribor + 7.50% (paid quarterly) and the terms include no maintenance covenants or amortizations, the company said.

Listing of the bonds on NASDAQ OMX Helsinki are scheduled to take place within 1 year after settlement.

“The transaction was well received by the market, as evidenced by strong demand for bonds with significant participation from non-Nordic investors. Altogether, approximately 50 investors, primarily institutional, participated in the issue,” Containerships added.

“Our strategy is to stay well ahead of the curve when it comes to environmental regulations, and to be a pioneer in eco-friendly shipping while continuing to offer customers the best value for money. By securing the financing for the purchase of two new LNG-driven vessels, Containerships may now materialize this strategy,” says Kari-Pekka Laaksonen, CEO of Containerships.

Pareto Securities Oy acted as Sole Bookrunner in connection with the bond issue.

Share this article

Follow World Maritime News

In Depth>


<< Jul 2019 >>
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >