Genoa-based international shipping, shipments and logistics company Fratelli Cosulich Group was granted a EUR 29.5 million (USD 29.3 million) loan to finance a liquefied natural gas (LNG) bunker tanker, according to law firm Watson Farley & Williams (WFW) on Friday (4 November).
WFW said it has advised a consortium of lenders comprising Crédit Agricole Italia S.p.A (agent bank), UniCredit S.p.A., Cassa Depositi e Prestiti (CDP) and Banco BPM S.p.A on the loan, backed by Italian ECA SACE, granted to Fratelli Cosulich to finance 70% of the construction costs of the vessel for the supply of LNG bunkering services currently being built by Chinese shipyard Nantong CIMC Sinopacific Offshore & Engineering Co. Ltd.
The 5,300-tonnes vessel, with a carrying capacity of 8,200mc+ of LNG and 500mc of marine gasoil, will be equipped with electric propulsion systems as well as dual technology power generators and a cargo management system designed and built by Wartsila Gas System.
In addition to a conventional a boil-off gas combustion unit (GCU) management system, the vessel will also include an LNG ‘sub-cooling’ plant which will wholly eliminate the, already limited, environmental impact of the GCU.
Being therefore deemed a sustainable investment, WFW added, Fratelli Cousch have benefitted from an EU subsidy under the Connecting Europe Facility (CEF) programme, for which CDP acted as Italian implementing partner.
Related: Fratelli Cosulich first LNG bunkering vessel to use Wärtsilä cargo handling system
Related: Exclusive: Fratelli Cosulich in discussions with international banks for second LNG bunker tanker order
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Photo credit: Scott Graham
Published: 7 November, 2022
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