Press Release from 2022-03-01 / KfW IPEX-Bank

KfW IPEX-Bank finances three ECO cement carriers for Eureka Shipping

KfW IPEX-Bank is providing a EUR 29 million loan for the financing of three 4,250 deadweight tonnage (dwt) ECO cement carrier newbuildings for its new client Eureka Shipping Limited. The vessels are currently being built at the Royal Bodewes shipyard in the Netherlands and are scheduled for delivery in 2022 and 2023. The financing has a tenor of 12 years and is covered by an export credit guarantee from the Dutch export credit agency (ECA) Atradius.

The three vessels will replace older vessels in the fleet and will provide clients with environmentally friendly transport services for cementitious cargoes. The new vessels will significantly reduce CO2 emissions per ton carried and enable efficient operations and lower fuel consumption both at sea and in port. The vessels engines can burn bio-fuel and will in the future be able to switch to green methanol after making a limited additional investment. Other improvements with environmental impact include an optimised hull design, propeller nozzle, slick anti-fouling hull paint, LED lighting, water-lubricated stern tube bearings and noise reduction measures. Additionally, some of the vessels can operate on shore power for loading and unloading (“cold ironing”), thereby eliminating emissions and reducing noise during their stay in port.

roter Zementfrachter wird zu Wasser gelassen

“Eureka Shipping is very pleased to be able to renew and expand our fleet of cement vessels. Royal Bodewes Shipyard has built excellent ships for us in the past and with these new additions we will be able to meet increased customer demand for cement transport in Europe. We can do that in the most efficient and safe manner,“ said Kai Grotterud, Managing Director of Eureka Shipping. “We are also pleased to have found a new lender in KfW IPEX-Bank and with the strong support we have received both from them and from our existing partners.”

"In order to support the transformation process towards sustainable economic and ecological development, we finance in particular future technologies that contribute to reducing global emissions," said Andreas Ufer, member of the Management Board of KfW IPEX-Bank. "We are very pleased about our new customer Eureka Shipping, which, like us, is actively committed to the environment and sustainability and is helping to make shipping "greener" in this segment as well."

About Eureka Shipping
Eureka Shipping is a leading provider of logistical services within the specialised segment of pneumatic and mechanical cement carriers. The company owns and commercially operates fully specialised ships in the size range of 3,000 dwt to 23,000 dwt and transports a variety of powdery and cementitious cargoes with a focus on high efficiency and with good care for the environment. The company was founded in 2008 and today is a joint venture between SMT Shipping and CSL Group. Eureka Shipping is based in Cyprus with offices in Norway and the Netherlands.


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