JANUARY 9, 2018 — Major French bank Societe Generale has joined SEA\LNG, a broad industry coalition aiming to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel.
“As the 0.5% global sulfur cap from January 2020 edges ever closer, the case for LNG as a marine fuel continues to gather momentum,” said Tote Inc. executive VP Peter Keller, who is SEA\LNG’s chairman. “Innovative financing is a core component to breaking down barriers to adoption and Societe Generale is at the forefront of developing frameworks to support this evolution. We are therefore delighted to welcome them to our growing coalition and look forward to benefiting from their extensive knowledge and experience.”
Paul Taylor, Global Head of Shipping Finance, Societe Generale Corporate & Investment Banking, commented: “n line with our wider environmental commitment to promoting greener solutions, Societe Generale recognizes the benefits of LNG in lowering local pollution and greenhouse gas emissions, when compared with traditional marine fuels. Societe Generale wants to play a key role in supporting the SEA/LNG coalition to realize its goal of making LNG a viable maritime fuel for 2020 and beyond. This strategic membership will help develop a long-term financial framework which we hope will contribute to, and supplement, the work of other industry leaders in the LNG shipping value chain.”
Societe Generale’s commitment to financing alternative solutions that support the development of green maritime transportation is demonstrated by its pioneering involvement in the first transaction for the European Union’s recently instituted Green Shipping Guarantee program]. Societe Generale acted as the sole mandated lead arranger, lease investor, facility and security agent, hedge provider, and lender in a EUR 142.6 million French lease financing of Honfleu, the first LNG-powered ferry to be commissioned by Brittany Ferries, with a funded guarantee from the European Investment Bank.
The bank says its “Sustainable & Positive Impact Finance” offer demonstrates its capacity to innovate, as well as its pioneering spirit to develop financing solutions that integrate the environmental challenges of its clients.
SEA\LNG is a not for profit collaborative industry foundation whose members include: ABS, Bureau Veritas, Carnival Corporation & plc, Clean Marine Energy, DNV GL, Eagle LNG Partners, ENGIE, Gas Natural Fenosa, GE, GTT, JAX LNG, Keppel Gas Technology, Lloyd’s Register, Marubeni Corporation, Mitsubishi Corporation, Mitsui & Co., Ltd., Novatek Gas & Power, NYK Line, Petronet LNG, Port of Rotterdam, Qatargas, Shell, Société Générale, Sumitomo Corporation, Total, Tote Inc., Toyota Tsusho, Uyeno Transtech, Yokohama-Kawasaki International Port Corporation (YKIP), and Wärtsilä.
SEA\LNG is guided by a board, which is led by chairman Peter Keller. Each member organiszation commits mutually agreed human resources, data analysis and knowledge sharing in support of SEA\LNG initiatives and activities and financially contributes via a membership fee.