Dutch marine contractor Van Oord has signed its first green loan that will be used to fund its new liquefied natural gas-powered dredgers.
The company said in a statement it signed the loan with Dutch Rabobank and France’s BNP Paribas last month.
Van Oord structured the loan according to green loan principles developed by the London-based Loan Market Association.
The main goal of the principles is to support environmentally sustainable economic activities.
Van Oord’s Green loan framework contains the criteria that the vessels must meet in order to qualify for this type of loan, the company said.
Also, this framework includes the possibility of adding more green loans in the future, it said.
Singapore’s Keppel FELS is currently building three new trailing suction hopper dredgers for the Dutch company.
These vessels will feature dual-fuel engines meaning they will be able to run on both liquefied natural gas and marine gas oil.
Van Oord expects to take delivery of the first two vessels, Vox Ariane and Vox Apolonia, in 2021 followed by the third dredger in 2022.