EMEA News
Grimaldi Secures Financing to Acquire Three Ammonia-Ready Ships
Italian shipping firm Grimaldi Group has secured EUR 162.3 million ($189.1 million) in green financing to support the acquisition of three vessels suitable for conversion to ammonia propulsion.
The funding has been arranged through banking group Intesa Sanpaolo's IMI Corporate & Investment Banking Division, Grimaldi said in a press release on Thursday.
It will support Grimaldi Euromed's purchase of the pure car and truck carriers (PCTCs) - Grande Egitto, Grande Pacifico and Grande Oceania.
The vessels are scheduled for delivery in 2026.
The three ships are part of a wider programme covering 17 new PCTCs ordered by the Grimaldi Group between 2022 and 2023, representing an investment of more than $1.6 billion.
Each vessel will have a capacity of 9,800 CEU and come with ammonia-ready notation.
The notation 'ammonia-ready' indicates that the ship has been designed with the necessary space and features to allow for future installations of ammonia fuel tanks.
While ammonia-ready notations are becoming more common, actual conversions to ammonia propulsion remain rare within the industry.
"The financing for the acquisition of Grande Egitto, Grande Pacifico and Grande Oceania supports our sustainable growth strategy, in which fleet modernisation is one of the key, high-impact pillars," Diego Pacella, CEO of the Grimaldi Group, said.
