2018 December 13 13:12

QPS inks first "Green Loan" with BNP Paribas

Singapore-headquartered Quantum Pacific Shipping (QPSS) has signed agreement with BNP Paribas for a $ 40 million Green Loan. BNP Paribas is the lender, agent and security trustee for the Green Loan, which finances the cost of purchasing and installing marine exhaust gas cleaning systems (“Scrubbers”) for 16 vessels under the QPS fleet, the Company said in a press release.

A Green Loan Framework has been prepared in conjunction with the bilateral Green Loan, and the framework was developed in alignment with the Green Loan Principles published in March 2018 by the EMEA Loan Market Association and the Asia Pacific Loan Market Association.

Vigeo Eiris (“VE”) was commissioned to provide an independent opinion on the sustainability credentials and management of the Green Loan. VE had expressed a reasonable assurance (their highest level of assurance) on QPS’ commitments and the Loan’s contribution to sustainability (full opinion as attached).

Located in Singapore, Quantum Pacific Shipping Services Pte. Ltd. ("QPSS") has been established to advise on the management of Quantum Pacific Shipping's balance sheet and financial reserves. Through its experienced management team, QPSS provides finance and treasury services to Quantum Pacific Shipping in connection with its shipping activities including, in particular, the following services: General treasury services, including arranging financing, administration of loan book and management of relationships with banks and other financial institutions, Financial budgeting and planning, Cash management services, Payment services, and Group accounting services.