CORSICA linea acquires a ship that limits its environmental footprint

On July 30, 2019, Corsica Linea, the shipping company, purchased its first new vessel to operate on liquefied natural gas. 

Using Liquified Natural Gas (LNG) as a fuel reduces CO2 emissions by 25% and nitrogen oxides (NOx) by 90%, and eliminates SOx emissions (LNG does not contain Sulphur) and fine particle emissions.

For CORSICA linea, which was created three years ago, this acquisition is part of its sustainable development strategy, which also includes commitments to connect its ships to electrical power at quayside in order to reduce air pollution and greenhouse gas emissions, or to protect and foster marine biodiversity.

Crédit Agricole CIB acted as sole arranger for the syndicated loan which brought together LCL and 19 Crédit Agricole Regional banks, led by Crédit Agricole de la Corse.
 

“With that transaction, Crédit Agricole CIB stood by the client of Crédit Agricole de la Corse, partner of Corsica’s energy transition and companies that commit to protecting the environment of the island.” 
Mathieu Gagnez, Executive Director, Financements maritimes

“In this transaction we were determined to adhere to the best market practices by following the “Green Loan Principles” which govern loans financing “green” projects. We also asked a non-financial rating agency for a second opinion on this transaction. As a responsible player within the sector, CORSICA linea is a signatory of the SAILS charter (Sustainable Actions for Innovative and Low-Impact Shipping) that aims at federating public and private players around the energy transition of shipping.” 
Nathalie Sarel, Executive Director, Sustainable Banking

“This transaction illustrates the added value that we can provide to our clients thanks to our combined global shipping and Sustainable Banking expertises. A signatory of the Poséidon Principles, Crédit Agricole CIB supports its clients from the shipping sector in reducing the environmental footprint of the sector.” 
Thibaud Escoffier, Global Head of Shipping