ABN AMRO Finances Celsius BWTS Installs
ABN AMRO Transportation has concluded financing for the installation of ballast water treatment systems on several vessels for its Danish client, Celsius Shipping.
As per September 8, 2017, the IMO Ballast Water Treatment (BWT) Convention will enter into force. The convention will stop the spread of invasive aquatic species, which can be a threat to local ecosystems and affect biodiversity.
Under the convention, vessels will be required to install a BWT system. This will have implications for both shipping clients and ABN AMRO as the core financier.
Ballast water is carried on board a vessel to keep it stable when it is not, or not (fully) loaded. Once cargo has been loaded onto the vessel, the ballast water needs to be discharged. The discharge of ballast water can have negative implications for the environment as local water systems become ‘polluted’ by invasive aquatic species from other regions.
ABN AMRO Transportation has a clear focus on the sustainability side of shipping and aims to jointly work on this with its clients. As a result, ABN AMRO is the first bank to finance BWT systems for one of its core clients.
Bart van Veen, Associate Director Transportation for North-Europe at ABN AMRO: “This can be seen as a landmark step where ABN AMRO continues to support its clients in improving their sustainability. The combination of new legislation and a creative financing solution is a fine example of sustainable shipping.”