Gearbulk enters its first sustainability-linked financing

16 January 2023

On 20th December 2022 Gearbulk Shipowning Ltd., a wholly owned subsidiary of Gearbulk Holding AG, entered into a 5-year USD 245,250,000 sustainability-linked revolving credit and term loan facility (the “Facility”), with a syndicate led by DNB Bank ASA as bookrunner, agent and sustainability coordinator and with Nordea, SR Bank, Sparebanken Vest and Swedbank as mandated lead arrangers. Norton Rose Fulbright acted as legal counsel for the lenders and Stephenson Harwood for the borrower. The Facility is secured by a fleet of 12 open hatch vessels. Proceeds from the Facility will be used to refinance an existing bank facility and to take out certain sale- and leaseback facilities.

The Facility is the first sustainability-linked financing of the Gearbulk group. The margin is linked to the compliance with certain pre-defined trajectory levels of two key performance indicators; annual efficiency ratio (“AER”) measuring CO2 emissions and total recordable injury cases frequency (“TRCF”). AER measures CO2 emissions intensity in accordance with IMO definitions . TRCF is a measurement of all injuries save for first aid cases.

Gearbulk is a long term, world leading player in the open hatch bulk shipping segment, controlling a combined fleet of about 70 open hatch, other specialized and conventional vessels. The fleet is commercially operated by the G2 Ocean pool, where Gearbulk is the majority owner.


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