World News
Odfjell Tests Debt Market's Interest in Marine Decarbonisation Bonds
Shipping and logistics company Odfjell is considering issuing bonds with a yield linked to its fleet decarbonisation efforts, in a test of debt investors' interest in sustainable shipping.
Odfjell is contemplating selling four-year bonds denominated in Norwegian Krone with a link to its fleet transition plans, the company said in a statement on its website Thursday.
The company is seeking to cut its carbon dioxide emissions per tonne carried per nautical mile by at least 50% from 2008's levels by 2030, and would measure its trajectory towards this goal on an annual basis and pay a higher yield on its bonds as penalty for falling short of it.
The issuance would be a test of green investors' interest in the shipping industry's decarbonisation efforts.
Parts of the industry in recent years have sought to label a range of projects as green investments -- including scrubber installations and other projects involving no shift away from fossil fuels -- that would not normally be able to earn that label for investors in other industries.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 565.50 | 4.50 | 678.50 | 4.50 |
| Rotterdam | 512.00 | 3.50 | 676.00 | 9.00 |
| Houston | 552.00 | 3.00 | 682.00 | 4.00 |
| Fujairah | 555.50 | 7.50 | 753.00 | 1.50 |
| Global 20 Ports Average | 583.50 | 4.00 | 762.50 | 2.50 |
| Global 4 Ports Average | 546.50 | 4.50 | 697.50 | 2.50 |
| Global Average Bunker Price | 632.50 | 2.00 | 811.00 | 1.50 |
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