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Financing of the new ice-classed vessels

This transaction required the collaboration of Swedish base industries, two well-reputed shipowner families and banks to create a new Swedish shipping company. Wallenius and the Swedish firm Orient Linien formed a jointly owned shipping line – Wallenius SOL – which operates routes from five harbors in the Gulf of Bothnia to and from Europe and the UK.

New Swedish shipping line

Facts

Type of business: Working capital
Amount: EUR 33 million
Borrower: Wallenius SOL AB
Lender: SEK and two Nordic commercial banks

Facts

Type of business: Working capital
Amount: EUR 33 million
Borrower: Wallenius SOL AB
Lender: SEK and two Nordic commercial banks

Historically, the shipping of forestry companies in the Baltic Sea has been carried out by vessels that only shipped the company’s own products. This was not especially cost-effective, and combined with aging vessel fleets, a business opportunity arose for a neutral organization to offer the forestry sector with a more cost-effective and sustainable logistics system by collaborating with deliveries. This resulted in the formation of Wallenius SOL, a jointly owned shipping company from Wallenius and Swedish Orient Line, that runs routes from five harbors in the Gulf of Bothnia to and from Europe.

“The vessels operate under the Swedish flag and will act in an environmentally positive way to make the forestry industry more efficient and secure its logistics chain.”

JENS BREAUM, senior client executive at SEK

Thanks to financing from SEK, Wallenius SOL has been able to procure two new ice-classed vessels with LNG operation, that will be constructed between 2019 and 2021. These vehicles will allow the company to be able to offer transportation with higher efficiency and lower environmental impact. The transaction is good for Swedish base industries and for the Baltic Sea.

The vessels will be operated with LNG, a fuel used to decrease GHG emissions from international shipping. LNG-fuel cannot reduce energy consumption to the same degree as, for example, biofuel, but is considered today to be the best alternative for decreasing emissions of the global maritime industry.

Would you like to know more?

Contact Jens for more information.

jens.breaum@sek.se

08-613 84 41

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