No Result
View All Result
  • Private Data
  • Membership options
  • Login
  • COUNTRY
    • ITALY
    • IBERIA
    • FRANCE
    • UK&IRELAND
    • BENELUX
    • DACH
    • SCANDINAVIA&BALTICS
  • PRIVATE EQUITY
  • VENTURE CAPITAL
  • PRIVATE DEBT
  • DISTRESSED ASSETS
  • REAL ESTATE
  • FINTECH
  • GREEN
  • PREMIUM
    • ItaHubHOT
      • ItaHub Legal
      • ItaHub Tax
      • ItaHub Trend
    • REPORT
    • INSIGHT VIEW
    • Private Data
Subscribe
  • COUNTRY
    • ITALY
    • IBERIA
    • FRANCE
    • UK&IRELAND
    • BENELUX
    • DACH
    • SCANDINAVIA&BALTICS
  • PRIVATE EQUITY
  • VENTURE CAPITAL
  • PRIVATE DEBT
  • DISTRESSED ASSETS
  • REAL ESTATE
  • FINTECH
  • GREEN
  • PREMIUM
    • ItaHubHOT
      • ItaHub Legal
      • ItaHub Tax
      • ItaHub Trend
    • REPORT
    • INSIGHT VIEW
    • Private Data
Home COUNTRY DACH

ProMarine AG: Launch of industry-first methanol powered sustainable shipping fund

Cisionby Cision
October 24, 2023
Reading Time: 4 mins read
in DACH, GREEN, SCANDINAVIA&BALTICS
Share on FacebookShare on Twitter

Low Emission Methanol Shipping Company S.C.A. SICAV–RAIF (“LEMSCO” or the “Fund”)

WOLLERAU, Switzerland and GOTHENBURG, Sweden, Oct. 24, 2023 /PRNewswire/ — Wollerau, Switzerland and Gothenburg, Sweden –  ProMarine AG, the Investment Advisor leading the financing of the maritime energy transition, is pleased to announce the launch of an industry-first sustainable shipping fund with an initial portfolio of four methanol-fuelled MR tankers led by Proman, one of the world’s largest methanol producers, and Stena Bulk AB, an internationally recognised and leading European shipping company.

LEMSCO Vessels

 

Low Emission Methanol Shipping Company S.C.A. SICAV–RAIF (“LEMSCO”) is the result of a collaboration between Proman and Stena Bulk. The Fund is backed by equity investors and benefits from a green loan from ABN AMRO. LEMSCO’s seed assets consist of four methanol fuelled vessels acquired from Proman and Stena Bulk:

–  Stena Pro Patria

–  Stena Pro Marine

–  Stena Promise

–  Stena Prosperous

Fully re-engineered for low resistance and efficient propulsion, these IMOIIMeMAX vessels are amongst the most energy efficient and sustainable MR tankers in the world, with methanol power providing a pathway to eliminating nearly all greenhouse gases.

LEMSCO will also benefit from a dedicated methanol supply contract from Proman, ensuring that the fleet’s operations are not only cost-effective but also powered by a technology-proven and globally available low-emission alternative fuel.

Welcoming the announcement, David Cassidy, Chairman of the ProMarine Board and Chief Executive of Proman, said: “We are delighted to be launching LEMSCO, which is pioneering in its efforts to address the air pollution and wider environmental concerns surrounding the maritime industry. We all recognise that the transition to sustainable shipping requires significant capital investment. By providing an alternative financing mechanism, LEMSCO  plays a crucial role in bridging this gap and facilitating the industry’s transition to lower emission fuels.”

He added, “We are grateful to our partners and to ABN AMRO for their important early support. LEMSCO demonstrates the market’s readiness to offer practical financial incentives through reduced cost funding for ships fuelled by low-emission methanol, and can be the catalyst for further investments into sustainable shipping.”

Erik Hånell, Board Member of ProMarine and President & CEO at Stena Bulk AB, shared his enthusiasm for this ground-breaking initiative, stating: “The launch of LEMSCO is a pivotal moment, showcasing the maritime industry’s commitment to a sustainable future. Through strategic collaboration and innovative green financing, we are shaping a new era of maritime operations, prioritising low-emission methanol as a viable alternative fuel. LEMSCO represents a step towards meaningful change, enabling investors to support a greener, more sustainable shipping industry. Together, we are charting a course towards cleaner oceans and a more responsible shipping industry”.

ABN AMRO provided debt financing to the Fund which was independently assessed against the LMA Green Loan Principles and has been successfully designated as a Green Loan by DNV.

Remco Jongkind, Managing Director ABN AMRO said: “ABN AMRO is incredibly proud to support LEMSCO in this landmark transaction. This transaction is the result of executing on our climate strategy to decarbonise the shipping sector whereby LEMSCO is setting the example through the setup of a low emission fund. ABN AMRO is keen to continue its support for the growth of the low emission portfolio backed by two strong industry-leading sponsors.”

As the maritime sector makes strides towards a sustainable future, LEMSCO is in a favourable position to provide the requisite financing for the green maritime transition. LEMSCO will invest in shipping and associated infrastructure with the aim of reducing emissions from the global maritime sector – which are currently responsible for c. 3% of global greenhouse gas emissions – providing investors with an opportunity to invest directly in the energy transition of the shipping industry.

The second vessel in the LEMSCO fleet, Stena Pro Marine, will have her Naming Ceremony in the Port of New Orleans on the 24 October 2023, showcasing the greenhouse gas reduction benefits of methanol fuel at one of the busiest cruise and cargo ports in the United States.

Notes to Editors

About ProMarine

ProMarine is the Investment Advisor and General Partner of LEMSCO, created to lead the financing of the maritime energy transition. ProMarine was established by Proman and Stena Bulk to drive forward the sustainability of the maritime industry in order to secure the prosperity and health of the environment for future generations.

For further information please contact: info@promarine.pro

ABN AMRO

ABN AMRO acted as Mandated Lead Arranger, Coordinator and Documentation Agent in the Green Loan financing of four methanol powered vessels for the Low Emission Shipping Company (“LEMSCO”).”

Photo – https://mma.prnewswire.com/media/2254994/LEMSCO_Vessels.jpg
Logo – https://mma.prnewswire.com/media/2254995/Lemsco_Logo.jpg

Lemsco Logo

 

Cision View original content:https://www.prnewswire.co.uk/news-releases/promarine-ag-launch-of-industry-first-methanol-powered-sustainable-shipping-fund-301964794.html

Read the orginal article: undefined

Gateways to Italy

Gateways to Italy – Offer your services to funds and investors willing to explore opportunities in Italy. Become a partner!

Gateways to Italy – Offer your services to funds and investors willing to explore opportunities in Italy. Become a partner!

by Partner
June 6, 2023

Sign up to our newsletter

SIGN UP

Related Posts

GREEN

Madrid-based Payflow raises €10 million to expand their Earned Wage Access platform across Europe and LAM

June 2, 2025
DACH

CyrusOne, E.ON partner on 61MW onsite power system for Frankfurt data center

June 2, 2025
GREEN

Swire Energy Services to be acquired by Davidson Kempner

June 2, 2025

ItaHub

Crypto-assets supervision rules in Italy, Banca d’Italia will supervise payment systems and Consob on market abuse

Crypto-assets supervision rules in Italy, Banca d’Italia will supervise payment systems and Consob on market abuse

November 4, 2024
Italy’s SMEs export toward 260 bn euros in 2025

Italy’s SMEs export toward 260 bn euros in 2025

September 9, 2024
With two months to go before the NPL Directive, in Italy the securitization rebus is still to be unraveled

With two months to go before the NPL Directive, in Italy the securitization rebus is still to be unraveled

April 23, 2024
EU’s AI Act, like previous rules on technology,  looks more defensive than investment-oriented

EU’s AI Act, like previous rules on technology, looks more defensive than investment-oriented

January 9, 2024

Co-sponsor

Premium

Funds vying for management consulting firm BIP, a CVC portfolio company. All deals in the sector

Funds vying for management consulting firm BIP, a CVC portfolio company. All deals in the sector

March 6, 2025
Private equity, Italy 2024 closes with 588 deals as for investments and divestments from 549 in 2023. Here is the new BeBeez’s report

Private equity, Italy 2024 closes with 588 deals as for investments and divestments from 549 in 2023. Here is the new BeBeez’s report

February 10, 2025
Crypto-assets supervision rules in Italy, Banca d’Italia will supervise payment systems and Consob on market abuse

Crypto-assets supervision rules in Italy, Banca d’Italia will supervise payment systems and Consob on market abuse

November 4, 2024
Venture capital investments top €1.3bn in 208 rounds as of Sep30  in Italy. They were €1.5 in all 2023. The new BeBeez Report

Venture capital investments top €1.3bn in 208 rounds as of Sep30 in Italy. They were €1.5 in all 2023. The new BeBeez Report

October 28, 2024
Next Post

Astraveus awarded €10.4 million grant by the French government as part of France 2030 investment plan

Luxembourg-based Circu Li-ion charges up with €8.5 million seed to optimize the battery recycling process

EdiBeez srl

C.so Italia 22 - 20122 - Milano
C.F. | P.IVA 09375120962
Aut. Trib. Milano n. 102
del 3 aprile 2013

COUNTRY

Italy
Iberia
France
UK&Ireland
Benelux
DACH
Scandinavia&Baltics

CATEGORY

Private Equity
Venture Capital
Private Debt
Distressed Assets
Real Estate
Fintech
Green

PREMIUM

ItaHUB
Legal
Tax
Trend
Report
Insight view

WHO WE ARE

About Us
Media Partnerships
Contact

INFORMATION

Privacy Policy
Terms&Conditions
Cookie Police

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • COUNTRY
    • ITALY
    • IBERIA
    • FRANCE
    • UK&IRELAND
    • BENELUX
    • DACH
    • SCANDINAVIA&BALTICS
  • PRIVATE EQUITY
  • VENTURE CAPITAL
  • PRIVATE DEBT
  • DISTRESSED ASSETS
  • REAL ESTATE
  • FINTECH
  • GREEN
  • PREMIUM
    • ItaHub
      • ItaHub Legal
      • ItaHub Tax
      • ItaHub Trend
    • REPORT
    • INSIGHT VIEW
    • Private Data
Subscribe
  • Login
  • Cart