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PSA Marine inks $35m sustainability-linked loan from DBS Bank

Photo: Omid Armin - Unsplash omid-armin-ESsGNnhUiCg-unsplash.jpg
Singapore’s PSA Marine has secured a EUR30m ($35.5m) sustainability-linked loan from compatriot DBS Bank that would allow the company to further expand its offshore wind business in Europe.

This is PSA Marine’s first sustainability-linked loan and is also the first of its kind granted to a company in Singapore’s maritime industry.

The three-year loan features an interest rates adjustment linked to an Environmental, Social and Governance (ESG) target. This means PSA Marine’s crew transfer vessels need to be substantially deployed to support offshore wind energy-related activities which are considered clean energy.

PSA Marine’s subsidiary Ventus Marine currently owns and operates a fleet of 10 modern crew transfer vessels to service the renewable offshore wind market in Europe.

“PSA Marine has grown our business in the renewable energy sector since 2015 as part of our commitment to move towards sustainable energy. We are proud to play a part in supporting the offshore wind industry and will continue to partner with financial institutions and other organisations to explore new opportunities in this space,” said Peter Chew, managing director of PSA Marine.

PSA Marine’s other business offerings which help facilitate a transition to a low carbon economy include the provision of crew transfer vessels and service accommodation transfer vessel services to the offshore wind market in Taiwan, support vessel services to the LNG market in Bangladesh and harbour towage services with two dual-fuel LNG harbour tugs in Singapore.

Boey Yin Chong, managing director and global head of shipping, aviation, logistics and transportation of DBS, commented: “A shift in mindsets by traditionally carbon-intensive industries like transportation towards more sustainable practices is a needed and progressive step in the right direction.”

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