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"Green" Loan Secured for Low-Emission Cruise Ship

Maritime Activity Reports, Inc.

December 28, 2023

Copyright UMB-O/AdobeStock

Copyright UMB-O/AdobeStock

Fincantieri signed a "green" construction loan for a maximum amount of $461m with Intesa Sanpaolo (IMI Corporate & Investment Banking Division) and Cassa Depositi e Prestiti (CDP), the proceeds of which will be used to cover the financial needs linked to the construction of the Mein Schiff Relax, the first of two newly designed dual-fuel inTUItion class cruise ships (Liquid Natural Gas - LNG and Marine Gas Oil - MGO) that Fincantieri is building for TUI Cruises, a joint venture between the TUI AG and Royal Caribbean Cruises

This is the first pool transaction of this type for the Group.

The financing is defined as "green" given that the admissibility of the underlying construction project has been assessed in relation to the climate change mitigation objective dictated by the European Taxonomy. The unit is in fact included among the "low carbon emission ships" and contributes substantially to the objective of mitigating climate change by being (i) characterized by an EEDI index value 10% lower than the applicable EEDI requirements and (ii) being powered by fuels with zero direct emissions or from renewable sources.