ABN Amro provides financing for BWTS

TIN news:  ABN AMRO Transportation announced it has successfully concluded the ‘world’s first’ financing for the installation of a Ballast Water Treatment system on several vessels for its Danish client, Celsius Shipping.

The Dutch-based bank claims to have become the first to finance BWT systems for one of its core clients.

Bart van Veen, Associate Director Transportation for North-Europe at ABN AMRO stated: “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.”

As per 8 September 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. The bank says it “a clear focus on the sustainability side of shipping and aims to jointly work on this with its clients”. The combination of new legislation and this financing “is a fine example of sustainable shipping,” ABN AMRO  suggested in a statement issued.