Singapore-based OCBC Bank has extended a $70m sustainability-linked loan to Taiwan’s largest bulk carrier company U-Ming Marine Transport for its fleet renewal plan.
The loan, structured so that U-Ming will enjoy interest rate reductions if it meets pre-agreed emissions targets, will fund new vessels that include two 210,000-dwt bulkers being built in China.
The targets call for U-Ming to cut its fleet’s emission intensity and increase the proportion of its fleer which obtains a satisfactory emissions rating from vessel rating agency RightShip.
