European Investment Bank News

Italian shipbuilding group Fincantieri held a steel cutting ceremony to mark the start of construction on a new Hydro-Oceanographic Ship (N.I.O.M.) for the Italian Navy.Scheduled for delivery from the integrated shipyard in Riva Trigoso-Muggiano in 2026, the new vessel is intended for mapping and scientific monitoring activities, as well as in support of the initiatives of the Hydrographic Institute, took place today at the Riva Trigoso shipyard.The ship will feature technologies to contain emissions…

A group of European development banks plan to double its funding for global efforts to stop plastic waste from polluting the world's oceans to 4 billion euros ($4.6 billion).The Clean Oceans Initiative, led by the French and German development banks and the European Investment Bank is the largest such grouping targeting plastic pollution of the sea.Around 8 million tonnes of plastic waste enters the oceans every year, most of it discarded on land or washed into rivers, the group said on Friday…

Engineering and technology group, Technip Energies has acquired a 16.3% stake in X1 Wind, a startup that has designed "an innovative and disruptive" offshore wind turbine floater.Technip Energies is the lead investor in this funding round, which also counts with the participation of the European Commission-owned European Innovation Council (EIC) Fund, advised by the European Investment Bank (EIB), and some of X1 Wind’s previous shareholders. Under the terms of the agreement, Technip Energies will hold two of the nine seats on X1 Wind’s Board of Directors.Also…

OXE Marine AB announced it is joining forces with U.S. distributor Diesel Outboards and Outdoor Network Manufacturing to strengthen the focus on commercial and distribution development.The diesel outboard engine manufacturer said it agreed to acquire 100% of Diesel Outboards and Outdoor Network Manufacturing’s U.S. distribution and manufacturing business. Through the transaction, OXE strengthens its position in the U.S. market, creating a direct to market model, gaining access to end-user…

Germany will next week present a multi-billion-dollar proposal to Lebanese authorities to rebuild the Port of Beirut as part of efforts to entice the country’s politicians to form a government capable of warding off financial collapse, two sources said.A chemical explosion at the port last August killed 200 people, injured thousands and destroyed entire neighborhoods in Lebanon’s capital, plunging the country deeper into its worst political and economic crisis since the 1975-1990 civil war.According to two diplomatic sources with knowledge of the plans…

The European Investment Bank (EIB) has signed a SEK 445 million ($45.6 million) loan agreement with the Municipality of Ystad to expand harbor facilities so that new, larger liquefied natural gas (LNG) vessels on the Swinoujscie-Ystad line can access the harbor.The port in the southern-Swedish town is a busy connection point to the Polish Port of Swinoujscie and the Danish island of Bornholm. The project aims at increasing the capacity and upgrading the Port of Ystad facilities in order to accommodate larger ro-pax vessels over 240 meters in length…

European Investment Bank (EIB) and Public Gas Corporation of Greece (DEPA) have signed an agreement to finance with up to 20 million euros the construction of a new liquid natural gas (LNG) bunkering vessel for maritime use in Greece which will be based in Piraeus. EIB said that the first vessel of its kind in Greece and the Eastern Mediterranean will have a capacity of 3,000 cubic meters and will be supplied with LNG at Revithoussa LNG terminal.The bunker tanker will refuel its LNG at Revithoussa LNG terminal and will carry out bunkering both in Piraeus and other Greek ports, as well as the wider region, in support of the shift towards green shipping with more environmentally friendly fuels.The agreement was signed by Konstantinos Xifaras…

The European Investment Bank (EIB), the EU's financing department, will bar funding for most fossil fuel projects to become the world’s first ‘“climate bank”.The bank will end its financing of oil, gas, and coal projects after 2021, and will accelerate clean energy innovation, energy efficiency and renewables. EIB Group financing will unlock EUR 1 trillion of climate action and environmental sustainable investment in the decade to 2030, it said.Over the last five years the European Investment Bank has provided more than EUR 65 billion of financing for renewable energy, energy efficiency, and energy distribution.“Climate is the top issue on the political agenda of our time,” said EIB President Werner Hoyer.

The European Investment Bank (EIB) on Monday formally agreed to provide 140 million euros (USD $154.5 million) to support expansion and upgrading of Piraeus Port, Greece's main port.The largest ever loan for port investment in the country by Europe’s long-term lending institution, will support the implementation of part of investments at the Port of Piraeus in a total investment plan of more than EUR 600 million. The 20-year loan was signed in Athens in the presence of Prime Minister of Greece Kyriakos Mitsotakis, Chinese President Xi Jinping and Xu Lirong, Chairman of COSCO Shipping Corporation, by Andrew McDowell, European Investment Bank Vice President, the Chairman of Piraeus Port Authority S.A.

Jan De Nul group of the beginning of work on dredging and expansion on an internal ship canal and a turning circle in port of Nouadhibou (Mauritania), one of the largest centers through which iron ore from the country is exported, is told in the group message.With the deepening and widening of the 25-km long entrance channel to the mineral terminal of Port of Nouadhibou, the National Industrial and Mineral Authority of Mauritania (Société Nationale Industrielle et Minière or SNIM) opens the port for vessels with a capacity of up to 250,000 tonnes.One of Jan De Nul’s largest Cutter Suction Dredgers Zheng He arrived in the first week of October on site.

Dutch dredging and heavylift company Royal Boskalis Westminster  has been awarded two contracts worth 85 million euro ($93.7 million) combined for strengthening and protecting a stretch of seafront coastline from erosion in Romania and the United Kingdom.The global services provider operating in the dredging, maritime infrastructure and maritime services sectors said that has been awarded a contract by Portsmouth City Council to construct new sea defenses in Southsea near Portsmouth in the south of the United Kingdom.The project will be executed in joint venture with VolkerStevin and will provide flood protection to thousands of households…

The European Investment Bank (EIB) has signed a EUR 14 million venture loan agreement with Sweden’s Cimco Marine AB to co-finance its innovation and growth investments.As per the unsecured credit facility agreement, the EIB will finance up to 50 percent of Cimco’s development of a new family of diesel outboard engines, inter alia a 3 liter, 6- cylinder twin turbo BMW diesel engine with a number of power outputs between 200 hp and 300 hp."The total facility is split into three tranches of EUR 4 million (A), EUR 4 million (B) and EUR 6 million (C) respectively," it said.The availability period for the facility is 30 months from signing, during which Cimco can meet all milestones for tranches A-C.

The European Investment Bank (EIB) approved a total of EUR 4.5 billion (USD 5bln) of new financing that will tackle investment gaps hindering private sector growth, including replacement of old buses and trains.The new EIB support will directly back projects in 23 countries, it said.The EIB agreed EUR 611 million of new financing to support energy transition, reduce carbon emissions and scale up renewable energy.This includes backing new solar power in Zambia and wind farms in Portugal, energy efficiency projects in Lebanon and Jordan and support for rural communities across Niger to access clean energy.Hungary and northern Spain public transport users will benefit from EIB support to provide 3…

Dutch banking group ING and the European Investment Bank said they will provide a EUR 110 million ($123 million) loan to Dutch ship management firm Spliethoff’s Bevrachtingskantoor B.V. for retrofitting vessels with exhaust gas cleaning systems.According to a European Commission press release, Spliethoff will use the loan to retrofit 42 of its vessels with exhaust gas cleaning systems and ballast water management systems.The loan is part of the ING and EIB EUR300mln Green Shipping partnership signed in 2018, to support sponsors of green and sustainable projects in the maritime transport sector with advantageous financial terms.The loan will allow Spliethoff to have 17 vessels retrofitted with both exhaust gas cleaning systems and ballast water management systems…

International Maritime Organization (IMO) Secretary-General Kitack Lim has called for Member States and the entire maritime sector including shipping and ports, to come on board to achieve the ambitions set out in the historic IMO initial strategy for reducing greenhouse gas emissions from international shipping, adopted last year.The UN body said that the strategy makes a firm commitment to a complete phase out of GHG emissions from ships, a specific linkage to the Paris Agreement and a series of clear levels of ambition, including at least a 50 per cent cut in emissions from the sector by 2050.“We need to focus on technology transfer and research and development…

The European Investment Bank is providing EUR 155 million to finance two new passenger and vehicle ships for the Irish Continental Group (ICG) subsidiary Irish Ferries.The two ferries will increase passenger and cargo capacity on routes to Ireland, replace older and smaller vessels and significantly reduce emissions from the Irish Ferries fleet.The new ferries are expected to be used on both the Dublin-Holyhead and Dublin-Cherbourg routes to reflect demand for a greater choice of services from Ireland to Britain and direct to continental Europe.The announcement was made as the W.B. Yeats cruise ferry made its maiden commercial voyage from Dublin to Holyhead this morning.The largest ever EIB support for Irish shipping was announced during a visit this morning by Andrew McDowell…

The European Investment Bank (EIB) announces the signature of the first agreement under its Green Shipping Guarantee Programme (GSGP) through ABN Amro.The EIB will contribute EUR 10.1 million to an ABN AMRO arranged facility to finance the construction of three cement carrier vessels for the Eureka Shipping group, said a press release.The project vessels’ design represents an improvement to the overall environmental performance of the promoter’s fleet, as well as cement carrier vessels currently operating in European waters. The new vessels, which will be laid up in the Netherlands, will operate with significantly better fuel efficiency…

The European Investment Bank (EIB) and Dutch multinational banking and financial services corporation ING signed an agreement to support green investments for the European shipping market for a total value of EUR 300m  (USD 372.5million). ING and EIB will each contribute EUR 150m to the facility. This agreement will ensure that sponsors of green and sustainable projects in the maritime transport sector can benefit from advantageous financial terms. The facility is available to clients with significant European interests, and can be used for projects with a green innovation element covering the construction of new vessels or retrofitting of existing vessels. It applies to both inland shipping and seagoing operators.

The European Investment Bank and Dutch bank ABN Amro will sign an agreement to support investments for greening the European shipping fleet. This framework is the first with a financial institution in the Netherlands and is supported by the Connecting Europe Facility and was made possible by the EFSI (European Fund for Strategic Investments), central pillar of the Juncker Commission’s Investment Plan for Europe. The framework guarantee agreement will ensure that promoters of sustainable projects in the maritime transport sector can benefit from favorable financial terms as a result of the EIB's AAA rating. The facility is open for both retrofitting of existing shipping as well as for projects that envisage the construction of new vessels with a green innovation aspect…

Gate terminal and its shareholders Gasunie and Vopak are proud to announce that the LNG terminal at the Maasvlakte in Rotterdam has been expanded to include a third berth and special infrastructure for the loading of small LNG vessels. In conjunction with LNG bunker vessels, the new berth will in future also make it easier for ocean-going vessels to fill up with LNG in Rotterdam. As with other kinds of maritime fuel LNG can be pumped on board large ocean-going vessels using bunker vessels. These can now be loaded at Gate terminal which receives LNG from large LNG tankers arriving from several global origins. The use of LNG as a maritime fuel is being encouraged by the European Union, the Dutch government and the Port of Rotterdam because of its more environmentally-friendly properties.

The five international financial institutions partially financing the Panama Canal Expansion Program traveled to Panama earlier this week to see the 96.6 percent progress made thus far. During their three-day visit to the Canal, representatives were guided through the Agua Clara and Cocoli locks, as well as the fourth phase of the Pacific Access Channel (PAC-4). They also toured the Canal’s training centers: the Center for Simulation, Research and Maritime Development (SIDMAR) and the new Scale Model Maneuvering Training Facility, which will train pilots and other waterway personnel to maneuver through the Expanded Canal. In addition, they visited the construction site of the third Panama Canal bridge, which will connect Colon to communities west of the Canal.

Six leaders and influencers from across the shipping industry will join global NGO Carbon War Room’s (CWR’s) Shipping Operation Advisory Board. Their backgrounds span the shipowning, chartering, technical analysis, finance, and academic worlds. The board will lend extensive industry insight and support CWR’s mission to profitably decarbonise the international shipping industry. Galen Hon, Manager, Shipping Operation, Carbon War Room, commented: "Following UNFCCC in Paris, the industry has an obligation to find new and innovative ways to reduce carbon while remaining competitive. With expertise spanning finance, ship operation, classification, data analysis, technology, and software, these individuals are perfectly positioned to identify and evaluate opportunities for innovation and growth.

Six leaders and influencers from across the shipping industry will join global NGO Carbon War Room’s (CWR’s) Shipping Operation Advisory Board. Their backgrounds span the shipowning, chartering, technical analysis, finance, and academic worlds. The board will lend extensive industry insight and support CWR’s mission to profitably decarbonise the international shipping industry. Galen Hon, Manager, Shipping Operation, Carbon War Room, commented: "We are thrilled to have gathered a group with so much knowledge and experience in shipping. Following UNFCCC in Paris, the industry has an obligation to find new and innovative ways to reduce carbon while remaining competitive.