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    Reference: 20170715
    Release date: 29 August 2018

    Promoter – Financial Intermediary




    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.


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


    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.


    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.


    Signed - 7/12/2018


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Cyprus Transport