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AP Moller-Maersk links new $5bn credit facility to CO2 reduction goal

AP Moller-Maersk has clinched a new sustainability-linked revolving credit facility of $5bn through a syndicate of 26 banks.

The facility refinances the undrawn $5.1bn facility maturing in 2021 and has a tenor of five years which may be extended by up to two years. It will be part of the group’s liquidity reserve. 

The credit margin under the facility will be adjusted based on Maersk’s progress to meet its target of reducing CO2 emissions per cargo moved by 60% by 2030, which is more ambitious than the IMO target of 40% by 2030, all off 2008 baseline.

“We have received strong support from our global relationship banks. The facility was substantially oversubscribed, and we are pleased with the terms and conditions of the new facility. With the new facility we have extended the maturity profile of our finance commitments, while aligning with our sustainability ones,” said Henriette Hallberg Thygesen, ceo of fleet and strategic brands at AP Moller-Maersk.

In 2019, Maersk announced its commitment to becoming carbon neutral by 2050. The new finance facility affirms Maersk’s efforts to drive sustainability into its operations and supply chains.

“We are determined to reach our ultimate target of becoming fully carbon neutral by 2050, and this agreement serves as another enabler for us to deliver on that ambition. Given the lifespan of our fleet, we need to find new and sustainable solutions to propel our vessels within the next 10 years. To realise this ambitious commitment, we are partnering with researchers, regulators, technology developers, customers, energy providers – and now banks,” explained Thygesen.

The 26 banks include BNP Paribas, Danske Bank, HSBC France, Nordea, DNB Bank, ING Bank, JP Morgan Securities, Mizuho Bank, Sumitomo Mitsui Banking Corporation, and Industrial and Commercial Bank of China (Europe).

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