NIB finances hybrid cargo ships in Finland

NIB and the Finnish shipping company Finnlines Plc have agreed a loan of EUR 30 million to finance the acquisition of three new hybrid cargo vessels.

The new hybrid cargo vessels will be equipped with high-powered battery banks and photovoltaics, which will allow the ships to use electricity and operate emission-free while docked. The vessels will be delivered during 2021–2022, and will operate on routes between Finland and Europe.

These new vessels are larger than the ships Finnlines currently has in use, and will increase the company’s transport capacity substantially. The design of the vessels’ hull, the propeller-rudder system and the innovative air lubrication under the keel will reduce friction and hydrodynamic resistance, and thus significantly reduce the environmental impact.

“Freight transport services play an important part in Finland’s logistics chain. Commercial shipping still causes significant air emissions, so we are supporting investments that contribute to cleaning and increasing the efficiency of the sector”, says Henrik Normann, NIB President & CEO.

Finnlines Plc 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.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact

Mr Stefán Jón Fridriksson, Senior Manager, Lending, at +358 10 618 0512, stefan.jon.fridriksson@nib.int
Mr Martin Lundström, Project & Structured Finance, at +358 010 618 0426, martin.lundström@nib.int
Mr Karim El-Nagdy, Director, Head of Project & Structured Finance,
+358 10 618 0568, karim.el-nagdy@nib.int
Mr Vytautas Brazaitis, Communications Unit, at +358 10 618 0235, 
vytautas.brazaitis@nib.int