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Containerships raises €45 million

LNG Industry,


Containerships successfully placed a €45 million senior secured bond loan. The bonds will mature on 2 April 2019.

The proceeds from the bond issue will partially finance the acquisition of two new container vessels enabling Containerships to extend its investment programme up to six identical LNG-fuelled vessels. The new vessels will be constructed in China and the purchase is in line with the company’s strategy to become the first shortsea container operator in Europe to run ships on LNG.

The transaction was well received by the market, as evidenced by strong demand for bonds with significant participation from non-Nordic investors. Approximately 50 investors, primarily institutional, participated in the issue.

Comments

Kari-Pekka Laaksonen, CEO of Containerships, commented: "We are pleased to secure financing for this important investment programme for Containerships. It is important to emphasise that in order to meet future regulations, most competitors on the market will use alternative solutions, such as marine gas oil with decreased sulfur content. These options do not require the same level of investment as the solution Containerships has chosen.

“Our strategy is to stay well ahead of the curve when it comes to environmental regulations, and to be a pioneer in eco-friendly shipping while continuing to offer customers the best value for money. By securing the financing for the purchase of two new LNG-driven vessels, Containerships may now materialise this strategy.

"This is a huge leap for a family owned company. Instead of calling the new environmental regulation an obligation, we see it as a big opportunity for sustainable growth.”

Pareto Securities Oy acted as sole bookrunner in connection with the bond issue.


Adapted from press release by Katie Woodward

Read the article online at: https://www.lngindustry.com/lng-shipping/31032015/containerships-raises-funds-for-lng-investment-programme-515/


 

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