14 Oct 2020
EUR 33.05 million
Energy and water
|Date of agreement:||30 Sep 2020|
|Amount in EUR:||EUR 30 million|
|NACE sector / loan type:||Water transport|
|Business area:||Infrastructure, transportation and telecom|
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.
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.
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.