Abu Dhabi – Mubasher: The Arab Petroleum Investments Corporation (APICORP) and the National Bank of Fujairah (NBF) have inked a five-year debt finance facility worth $108 million with Hartree Maritime Partners (HMP), the shipping affiliate of Hartree Partners.
The facility will finance HMP’s purchase of two eco-friendly crude carriers (VLCC), which are built by South Korea-based Daewoo Shipbuilding and Marine Engineering and equipped with advanced emissions technologies, according to a press release on Tuesday.
The ships also feature advanced digitalisation and artificial intelligence technologies, Eco-Scrubbers, next-generation hull designs, and highly efficient engines which cut fuel consumption and emissions by 25% to 30%.
APICORP, an energy-focused multilateral development financial institution, has acted as the mandated arranger and agent for the facility.
The CEO of APICORP, Ahmed Ali Attiga, said: "The partnership is in line with APICORPs recently launched ESG framework, which re-enforces our commitment to sustainability in the energy sector."
Meanwhile, the CEO of NBF, Vince Cook, commented: "This is another step in supporting UAE’s national agenda for transformation to a green economy in line with UAE Energy Strategy 2050 and the Dubai Declaration of all banks, cementing NBF’s position as the best financial partner for business."
