A new eco-sustainable vessel to meet lower carbon footprint and zero emissions at port

06/03/2023

The island-like location makes Finland extremely dependent on regular maritime transportation. Finnlines, one of the biggest shipping companies in Finland, provides reliable sea connections to the private and public sector in the most sustainable and environmentally friendly way.

Shipping is a lifeline for the Finnish foreign trade as approximately 90% of exports and 80% of imports are transported seaways. 
Finnlines, one of the biggest shipping companies in Finland with more than 170 weekly freight and 80 passenger departures, provide regular sea connections to all over Europe.

Finnlines’ services play a vital role in ensuring a smooth supply of goods, ensuring availability of emergency supplies (such as medicines and other commodities) and transporting industrial cargo (such as forest products, steel and machinery) to Finland and from Finland to Sweden, Continental Europe and Great Britain.

Their objective is to provide reliable sea connections to the private and public sector in the most sustainable and environmentally friendly way. That’s why there is a constant need to renew and develop the fleet with the latest technologies and innovations, which implies financings. 
As a banking partner, Societe Generale acted as Mandated Lead Arranger, Facility Agent and Security Agent for the financing of the first ever Untied Ship Guarantee Finnvera backed loan in favour of Finnlines to finance the acquisition of a new Ro-Pax vessel. 

This new eco-sustainable Ro-Pax vessel will start to operate between mainland Finland, Aland Islands and Sweden in late 2023. 
The combined passenger-cargo vessel is 235 meters long, it will have capacity for about 250 lorries, 200 cars and 1,100 passengers, with a loading capacity of 5,200 lane metres for rolling freight.

Environmental aspects and sustainability are given high priority. Benefiting from advanced technologies to save energy and thus reduce emissions, the vessel will be equipped with many environmentally friendly features.
First, it will be able to plug into the local grid for quiet and emission-free port stays. 
Second, the hybrid solution will reduce fuel consumption and the lithium-ion batteries will enable clear energy to be used onboard. And last but not least, an innovative air lubrification system under the keel will create bubble layers which will reduce friction and water resistance and consequently reduce fuel consumption. 

This type of ultra-green vessel brings many benefits to customers, including fast and efficient loading and unloading. The vessel will have the best possible cargo system suitable for the planned route. The cargo capacity will increase by over 40% compared with the current ships on the Finland-Sweden route.

As the first shipping deal ever closed in Finland, this transaction demonstrates Societe Generale Asset finance shipping team’s strong origination and execution skills which were translated into an innovative structure corresponding to our client’s requirements and eligible to Finnvera’s Ship Guarantee Scheme*.  

Regular and reliable freight traffic in the Baltic Sea is the backbone of the region’s economies and national security of supply. Innovative technologies will ensure that people and goods are transported reliably and sustainably. These eco-friendly Superstar class vessels with the state-of-the-art technology do not only offer economies of scale to customers, but the environmental footprint has also been reduced considerably. Therefore, we are well prepared to comply with the new EU regulation and IMO guidelines and remain in the forefront of sustainable development.
Tom PippingsköldPresident and CEO of Finnlines
It has been a pleasure to finance the new Superstar cargo-passenger vessel Finncanopus and the Societe Generale team is proud to assist Finnlines in its continued efforts to reduce the environmental footprint of its operations.
Michelle Vantou-DumaineDirector of Maritime Industries

* The Ship Guarantee is intended as security for credits granted to Finnish companies engaged in shipping or shipbuilding.