The loan was from Crédit Agricole Italia, UniCredit, Cassa Depositi e Prestiti and and Banco BPM. File Image / Pixabay
Marine fuel supplier and trading firm Fratelli Cosulich has taken on a €29.5m loan to support its order of a new LNG bunker delivery vessel.
The loan was from Crédit Agricole Italia, UniCredit, Cassa Depositi e Prestiti and and Banco BPM, backed by Italy's ECA SACE, law firm WFW said in an emailed statement on Friday. WFW acted as advisor on the deal.
The lending will cover 70% of the construction costs of a new 5,300 DWT delivery vessel with 8,200 m3 of LNG capacity and 500 m3 of MGO capacity. The vessel will have electric propulsion systems in addition to its conventional fuel system.
"Being therefore deemed a sustainable investment, Fratelli Cousch have benefitted from an EU subsidy under the Connecting Europe Facility (CEF) programme, for which CDP acted as Italian implementing partner," WFW said in the statement.