The Swedish Export Credit Agency (EKN) has, for the first time, given its guarantee to a shipping company.

It will be used to pre-finance Furetank's next oil products and chemicals tanker in the Vinga-series. The guarantee will cover 80% of the lender Tjörns Sparbank's risk.

"For the world to succeed with climate transition, it is of crucial importance that companies such as Furetank can finance their ambitious climate investments. We are proud that EKN has the possibility to help Furetank invest in the new vessel," Anna-Karin Jatko, Director-General, EKN, commented.

Pär Karlsson, CFO, Furetank, added, "It is a meaningful acknowledgement that our environmental investment is well-received. We have made substantial investments in time, know-how and capital to develop the Vinga vessels hitherto. The guarantee makes it possible to continue investing in green tech-development, which takes us closer to our goal of becoming fossil-free."

Anders Hermansson, Head of the Swedish Shipowners' Association, praised EKN's move, "It is an extremely positive decision for the shipping sector, which is a capital intensive industry where climate investments costs are high and difficult to sustain internally. It is a big step for shipping's green transition globally, where Swedish shipowners top the environmental list. When our members invest in new technology it pushes the boundaries not only for the given vessel but for the entire sector."

Photo: Jacksonville Port Authority