Hamburg Commercial Bank refinances six methanol dual-fuel tankers
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Hamburg Commercial Bank AG (HCOB) on Wednesday (6 August) said it is providing USD 190 million to the ‘Low Emission Methanol Shipping Company Fund’ (LEMSCO), launched by Proman AG and Stena Bulk, together with a syndicate partner (50/50%). The funds will be used to refinance six methanol dual-fuel tankers.
The term of the financing structured by HCOB as mandated lead arranger is five years.
LEMSCO Fund I, a sustainable investment fund, was launched in 2023 by Proman, the world’s second-largest methanol producer, and Stena Bulk, one of the world’s leading tanker shipping companies. It is the first ship fund to invest exclusively in methanol-powered ships and is therefore compliant with the EU taxonomy. It offers investors the opportunity to invest directly in the energy transition of the maritime sector.
The LEMSCO Fund I fleet comprises six modern methanol dual-fuel IMOIIMeMAX tankers that can be powered by VLSFO (very low sulphur fuel oil), which is designed to reduce emissions, or by methanol from either fossil or renewable sources.
The tankers are also equipped with NOx-TierIII-engines that meet strict emission limits. The 50,000 dwt tankers have been chartered to Proman and Stena Bulk for 15 years each.
“We are delighted to continue supporting the innovative LEMSCO fund with this refinancing. Their state-of-the-art technology means the ships are contributing to the decarbonisation of the maritime sector, a commitment we are very pleased to support,” said Jan-Philipp Rohr, Global Head of Shipping at Hamburg Commercial Bank.
“With this refinancing, the LEMSCO fund is continuing to pave the way for a more environmentally friendly future in shipping. We would like to thank HCOB for their trust and cooperation,” said Andrew Craig, Managing Director Corporate Finance, Proman.
Photo credit: Proman
Published: 7 August, 2025
