All agreed loans

Finland. Finnlines Oyj

Date of agreement: 30 Sep 2020
Country: Finland
Customer: Finnlines Oyj
Amount in EUR: EUR 30 million
Maturity: 12 years
NACE sector / loan type: Water transport
Business area: Infrastructure, transportation and telecom

Project

The loan has been provided to the Finnish shipping company Finnlines Oyj to finance the acquisition of  three hybrid roll-on/roll-off cargo vessels.

The vessels will operate on heavy fuel oil, but will be equipped with emission abatement technology  in order to meet all environmental requirements in a responsible and cost efficient way. Furthermore, they will be equipped with high-powered battery banks, which will be used when the ships are at port. The vessels will have the highest Finnish-Swedish Super 1A ice class and with a cargo capacity of 5,800 lane metres, they will be larger than any other ships in the company’s current portfolio.

The size of the vessels as well as the design of the hull, the propeller-rudder system and the air lubrication system under the keel for reducing friction will lead to more efficient transport, fuel savings and lower emissions.

The investment is in response to increasing demand for freight transport to and from Finland in recent years. The vessels will be delivered during 2021–2022, and will operate on routes between Finland and Europe.

Finnlines Oyj is the largest shipping company in Finland, providing passenger and freight transport, as well as port services in Helsinki, Turku and Naantali. Founded in 1947, the company currently employs around 1,600 people.

Fulfilment of NIB's mandate

Productivity

Since Finnlines is the largest shipping company in Finland, it plays an important role for external trade. The investment in three new hybrid roll-on/roll-off vessels is expected to lead to a capacity increase of 43.7%, which is due to the fact that the ships will be larger than the existing one’s in the company’s portfolio. Parts of the delivery for the ship build will come from Nordic companies.

Environment

The vessels will be equipped with 5MW battery banks and photovoltaics with a capacity of 50kWe, which will allow them to only use electricity and to be emission-free while docked at ports. However, the vessels will run with heavy fuel oil while cruising. The design of the hull, the propeller-rudder system and the air lubrication system under the keel to reduce friction will help to optimise fuel usage. In addition, the ships will be equipped with hybrid scrubbers to control SOx emissions.

Impact indicators:

  • Numbers of units transported
  • Tons of cargo transported
  • Installed battery and solar power generation capacity per vessel
  • Number of ports visits with electrical power per year
  • Final EEDI per vessel during operation (gCOx/tnmn)

Press release

NIB rahoittaa hybridirahtilaivoja Suomessa

 

Press release

NIB finansierar hybridfartyg i Finland