EUREKA SHIPPING FINANCING

Promoter – Financial Intermediary

EUREKA SHIPPING HOLDINGS LTD

Location

• Cyprus

Description

The project involves the construction of three cement carrier vessels for the promoter's fleet. The vessels will be constructed and operated in compliance with the International Maritime Organisation (IMO) and EU regulations and will operate under an EU flag.

Objectives

The project vessels will serve northern European ports, predominantly in the Sulphur Emission Control Areas (SECAs) of the Baltic and North Sea.

Sector(s)

• Transport - Transportation and storage

Proposed EIB finance (Approximate amount)

EUR 10 million

Total cost (Approximate amount)

EUR 29 million

Environmental aspects

The project will support the transport of cement via short-sea shipping. As the alternative transport mode would be road transport, the project contributes to a more sustainable modal split in Europe and helps reducing the overall climate impact of transport. In addition, the project will contribute to the improvement of the environmental performance of the promoter's fleet, with the new vessels operating with significantly better fuel efficiency and reduced emissions of air pollutants. Therefore, the project contributes to sustainable transport and climate change mitigation, in line with the Bank's Transport Lending Policy as well as with EU and EIB objectives on Climate Action.

Procurement

The promoter is a private company not operating in the utilities sector, and is thus not covered by EU Directives on procurement. Procurement was completed through a negotiated procedure between the ship owner and a number of shipyards. The procurement procedures followed by the promoter are suitable for the project and satisfactory to the EIB.

Status

Signed - 7/12/2018