ProMarine AG, a leading investment advisor focused on financing the transition to sustainable maritime energy, has proudly unveiled the world's first sustainable shipping fund. This pioneering fund begins with an initial portfolio of four MR tankers powered by methanol, a venture led by Proman, a prominent global methanol producer, and Stena Bulk AB, a well-known European shipping company.

Known as the Low Emission Methanol Shipping Company S.C.A. SICAV–RAIF (LEMSCO), this fund is the result of a collaborative effort between Proman and Stena Bulk. It is underpinned by equity investors and is supported by a green loan from ABN AMRO. LEMSCO's initial assets include four methanol-fueled vessels that were acquired from Proman and Stena Bulk.

Additionally, LEMSCO will have access to a dedicated methanol supply contract from Proman, ensuring not only cost-effective operations but also the use of a globally available, technology-proven low-emission alternative fuel.

Chairman of the ProMarine Board and Chief Executive of Proman, David Cassidy, expressed his enthusiasm for this significant development. He emphasized the environmental concerns surrounding the maritime industry and the need to address air pollution. He also highlighted the importance of substantial capital investment to facilitate the transition to sustainable shipping. By providing an alternative financing mechanism, LEMSCO is playing a pivotal role in bridging this gap and supporting the maritime industry's shift toward lower-emission fuels. Cassidy extended his gratitude to partners and ABN AMRO for their early support and stressed that LEMSCO is evidence of the market's readiness to offer practical financial incentives through reduced cost funding for ships using low-emission methanol. He believes this initiative can serve as a catalyst for further investments in sustainable shipping.

Erik Hånell, a Board Member of ProMarine and President & CEO at Stena Bulk AB, shared his enthusiasm for this groundbreaking initiative. He described the launch of LEMSCO as a pivotal moment that showcases the maritime industry's commitment to a sustainable future. Through strategic collaboration and innovative green financing, the industry is paving the way for a new era of maritime operations that prioritize low-emission methanol as a viable alternative fuel. Hånell believes LEMSCO represents a step toward meaningful change, enabling investors to support a greener, more sustainable shipping industry. Together, they are charting a course toward cleaner oceans and a more responsible shipping industry.

As the maritime sector progresses toward a sustainable future, LEMSCO is well-positioned to provide the necessary financing for the green maritime transition. The fund's primary objective is to invest in shipping and associated infrastructure with the aim of reducing emissions from the global maritime sector. Currently, this sector is responsible for approximately 3% of global greenhouse gas emissions. LEMSCO offers investors the opportunity to directly invest in the energy transition of the shipping industry, thereby contributing to a more sustainable and environmentally responsible maritime sector.