UK-based Carisbrooke Shipping has secured €26m ($27m) in financing from German export bank KfW IPEX-Bank.

The funds will be used for the construction of two identical modern 7,700-dwt general cargo vessels, the Frankfurt-based lender said in a statement.

“We are very pleased to support our new customer, Carisbrooke Shipping, in this European project with our financing and to support its fleet renewal for environmentally friendly and sustainable maritime freight transport,” KfW IPEX-Bank board member Andreas Ufer said.