Maersk credit linked to eco performance, forcing small fry to comply
DANISH shipping giant Maersk is helping banks enforce the carbon-neutral agenda, terms under which smaller players must conform, reports London's Lloyd's List
DANISH shipping giant Maersk is helping banks enforce the carbon-neutral agenda, terms under which smaller players must conform, reports London's Lloyd's List.
New revolving credit facility will see Maersk pay lower rates if it meets or exceeds carbon reduction targets. The 18,340-TEU Maersk Mc-Kinney Moller Maersk's credit costs will reflect its emissions reduction performance.
The widespread application of such lending policies may leave smaller players struggling to catch up with big multi-nationals that can absorb such costs.
Maersk has attached environmental terms to a new US$5 billion revolving credit facility, as it seeks to put incentives behind its moves toward decarbonisation of shipping.
Under the terms of the new facility, the credit margin will be adjusted based on Maersk's progress to meet its target of reducing CO2 emissions per cargo unit moved by 60 per cent by 2030, against a 2008 baseline. The performance will be measured against the carrier's Energy Efficiency Operational Indicator.
'We have received strong support from our global relationship banks. The facility was substantially oversubscribed, and we are pleased with the terms and conditions of the new facility,' said Maersk chief executive of fleet and strategic brands Henriette Hallberg Thygesen.