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Bunker Holding Group secures record-breaking credit facility of USD 1.11 billion

Higher credit facility allows for Bunker Holding Group to extend clients’ much needed credit lines as liquidity in bunkering is pivotal, especially with transition to alternative fuels.

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Bunker Holding Group, the world’s largest bunkering company, on Thursday (27 April) said it landed an unsecured committed bank credit facility of USD 1.11 billion based on an international bank syndicate.

In addition, the Group’s overall funding framework has been raised from USD 2.4 billion  to USD 3.2 billion, an increase by 33% compared to the previous framework. The higher credit facility allows for Bunker Holding Group to extend clients’ much needed credit lines as liquidity in bunkering is pivotal, especially as the transition to alternative fuels continue to drive up prices.

This new credit facility is backed by 15 banks from Europe, Middle East, and Asia, adding an increased global aspect to the banking partners that comprise the Bunker Holding Group’s new credit syndicate. This underlines the trust shown in Bunker Holding Group across international markets.

“Bunker Holding Group has for the past more than 40 years shown strong positive financial results, and we are honoured by the support and trust that our 15 banking partners worldwide have shown us. This has resulted in a record-setting credit facility and shows a strong commitment towards our strategy for our future growth,” says Keld R. Demant, CEO of Bunker Holding Group.

Leading up to IMO2020, Bunker Holding Group was able to secure its largest credit facility in 2019, backed by 12 banks. Building on the previous bank syndicate, strategic banks from both Asia and Middle East have now joined, enabling local banking business to be conducted where the trading takes place.

“Having now entered into agreements with new banks in our busiest regions is a major step forward, as it allows us to stay even closer to where our clients operate. Adding banks and raising our credit capacity sends a strong signal, and I look forward to working with both previous and new partners,” says Christian Mens, Group Treasury Director at Bunker Holding Group.

While securing Bunker Holding Group’s largest credit facility yet for the next five-years, linking it to sustainability has been another milestone event. As Bunker Holding Group has been focusing on the sustainability agenda, publishing its first ever ESG-report in 2022, by adding KPIs towards environment, social, and governance in the credit facility is a testament to the joint commitment of moving the needle on these important issues.

“We received very positive feedback from banking partners after publishing our first ever ESG-report in 2022. It’s evident that this agenda is very important and that it will continue to be so in the future, and at Bunker Holding Group, we are leaning heavily into this. Staying ahead of the curve in this matter is not just good business, it is also vital to our future as an industry,” says Michael Krabbe, Chief Financial Officer at Bunker Holding Group.

The bank syndicate had closed on the new running five-year facility as of April 2023.

 

Photo credit: Bunker Holding Group
Published: 3 May, 2023

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LNG Bunkering

CMA CGM takes delivery of fourth LNG-fuelled containership

Naming ceremony and delivery of vessel, organised at HD Hyundai Mipo in Ulsan, South Korea, marked entry of the fourth vessel in a series of ten specially designed for Northern Europe feeder services.

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CMA CGM takes delivery of fourth LNG-fuelled containership

French shipping giant on Wednesday (19 June) said it celebrated the naming ceremony and delivery of its fourth LNG-fuelled container ship, CMA CGM Tivoli.

Organised at HD Hyundai Mipo in Ulsan, South Korea, on 16 June, the event marked the official entry of the fourth vessel in a series of ten specially designed for Northern Europe feeder services.

“Featuring optimised features for 45-foot containers, increased capacity for refrigerated containers, and innovative forward accommodation to enhance cargo loading and aerodynamics, CMA CGM Tivoli distinguishes itself with a high ‘length to beam" ratio to maximise hydrodynamic efficiency,” the firm said in a social media post. 

“She departed the shipyard on June 15th, 2024, bound for Busan. We wish fair winds and smooth seas to Captain Artur Dumbrov and his crew.” 

 

Photo credit: CMA CGM
Published: 21 June, 2024

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Methanol

Mitsubishi Shipbuilding receives orders for Japan’s first methanol-fuelled RoRo cargo ship duo

Two ships will be built at the Enoura Plant of MHI’s Shimonoseki Shipyard & Machinery Works in Yamaguchi Prefecture, with scheduled completion and delivery by the end of fiscal 2027.

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Mitsubishi Shipbuilding receives orders for Japan's first methanol-fuelled RoRo cargo ship duo

Mitsubishi Shipbuilding Co., Ltd., a part of Mitsubishi Heavy Industries (MHI) Group, on Wednesday (19 June) said it has received orders from Toyofuji Shipping and Fukuju Shipping for Japan's first methanol-fueled roll-on/roll-off (RORO) cargo ships. 

The two ships will be built at the Enoura Plant of MHI's Shimonoseki Shipyard & Machinery Works in Yamaguchi Prefecture, with scheduled completion and delivery by the end of fiscal 2027.

The ships will be approximately 169.9 meters in overall length and 30.2 meters in breadth, with 15,750 gross tonnage, and loading capacity for around 2,300 passenger vehicles.

A windscreen at the bow and a vertical stem are used to reduce propulsion resistance, while fuel efficiency is improved by employing MHI's proprietary energy-saving system technology combing high-efficiency propellers and high-performance rudders with reduced resistance. 

The main engine is a high-performance dual-fuel engine that can use both methanol and A heavy fuel oil, reducing CO2 emissions by more than 10% compared to ships with the same hull and powered by fuel oil, contributing to a reduced environmental impact. 

In the future, the use of green methanol(2) may lead to further reduction in CO2 emissions, including throughout the lifecycle of the fuel. Methanol-fueled RORO ships have already entered into service as ocean-going vessels around the world, but this is the first construction of coastal vessels for service in Japan.

In addition, the significant increase in vehicle loading capacity and transport capacity per voyage compared to conventional vessels will provide greater leeway in the ship allocation schedule, securing more holiday and rest time for the crew, thereby contributing to working style reforms.

Mitsubishi Shipbuilding, to address the growing needs from the modal shift in marine transport against the backdrop of CO2 reductions in land transportation, labor shortages, and working style reforms, will continue to work with its business partners to provide solutions for a range of societal issues by building ferries and RORO vessels with excellent fuel efficiency and environmental performance that contribute to stable navigation for customers.

 

Photo credit: Mitsubishi Shipbuilding
Published: 20 June, 2024

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Methanol

Maersk and Nike to christen methanol-fuelled boxship at Port of Los Angeles in August

Powered by methanol for its maiden voyage and capable of carrying more than 16,000 containers, the vessel will get its new name at a private ceremony at Port of Los Angeles Outer Harbor.

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Maersk

A.P. Moller – Maersk (Maersk) on Wednesday (19 June) said it will be christening one of the world’s first methanol-enabled vessels when it arrives in Los Angeles this August.

The firm invited the public to go aboard the container ship in Los Angeles.

Powered by methanol for its maiden voyage and capable of carrying more than 16,000 containers (TEU), the vessel will get its new name at a private ceremony at the Port of Los Angeles Outer Harbor on Tuesday, August 27. 

Maersk’s CEO Vincent Clerc will be on hand, alongside special guest speakers from Nike and leading state and local officials. Nike is a partner in the name-giving event.

“Nike is committed to protecting the future of sport and we leverage science-based targets to guide us through our Move to Zero journey,” said Venkatesh Alagirisamy, Nike Chief Supply Chain Officer.

“Operating one of the largest supply chains in the world, we have a responsibility to advance the innovation and use of more sustainable methods that get us closer to zero carbon and zero waste. By working with suppliers like Maersk, who share our commitment to sustainability, we are scaling our use of biofuels in ocean transportation, our main first-mile delivery channel.”

“This event is not only an opportunity to celebrate a remarkable engineering achievement, but the chance to highlight that we can navigate towards more sustainable supply chains if we work together,” said Charles van der Steene, Regional President for Maersk North America.

On Wednesday, August 28, Maersk invites the public to tour the 350-meter-long vessel, which will be sailing from Asia. Visitors will be able to see the Sailors’ living quarters and even stand on the bridge from where the captain controls the vessel. Public tours will require visitors register for a free ticket via an online registration site that will be activated and announced in August.

This is the fifth container vessel in Maersk’s fleet that can sail on green methanol bunker fuel.

 

Photo credit: A.P. Moller – Maersk
Published: 20 June, 2024

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