• 2021 May 4 15:41

    NAB strengthens long-term sustainability for Port of Newcastle landmark loan

    National Australia Bank (NAB) has led the development of a landmark loan for Port of Newcastle (PON) that aligns financing for Australia’s largest east coast seaport with long-term environmentally and socially responsible outcomes. The arrangement includes A$515 million in sustainability-linked loans that incentivises Port of Newcastle by offering a lower margin on debt if it hits targets across a range of social and environmental metrics, the Port of Newcastle said in a media release.

    This is the first sustainability-linked financing by an Australian seaport and the first such loan in Australia to include a modern slavery assessment metric addressing all of the borrower’s suppliers.

    The other four metrics focus on emissions reduction, mental health first aid, diversity and inclusion and achieving certified recognition against the NSW Government Sustainability Advantage Scheme.
    Port of Newcastle CEO Craig Carmody said this loan had created a way for the port to align its financing with long-term environmentally and socially responsible projects.

    “NAB is helping Port of Newcastle through financial innovation. This will in turn help create a more diverse and sustainable port in the future, supporting opportunities for jobs and economic growth in the Hunter region,” Mr Carmody said.

    “Our thinking must be in decades, not months or years. That means building new economic opportunities for Newcastle. What is good for the port is also good for the economy.”

    NAB Group Executive – Corporate & Institutional Banking David Gall said the bank was focused on being a partner with its customers, helping to adapt and improve the sustainability of their businesses through innovation and expertise in domestic and global markets.

    “This sustainability-linked loan is an important step for the path Port of Newcastle is taking to be an even safer and more environmentally and socially responsible business,” Mr Gall said.

    “Behaviour-based lending provides an opportunity to help our customers create greater environmental and social impact in sectors not easily diversified.”

    The sustainability-linked loan was part of a broader A$666 million refinancing facility for Port of Newcastle funded by a consortium of lenders.

    It included A$595 million in 2.5-year and 5-year funding and up to A$50 million in new green lending that will fund growth initiatives aimed at green building projects and diversifying the port’s revenue base.

    NAB acted as a core lender in the refinancing and, in its role as Sustainable Finance Structuring Coordinator, assisted in the development of both a sustainability-linked financing framework and green financing framework with Port of Newcastle.

    The frameworks position Port of Newcastle for further sustainable debt issuance in the future.

    Globally, this is the first sustainability-linked loan to align with the International Capital Market Association’s Climate Transition Finance Handbook.

    Five Sustainability Linked Loan Metrics
    Port of Newcastle will have the opportunity to earn a margin reduction over the next five years on the sustainability-linked loans if it hit targets across a range of social and environmental metrics.

    1. To keep Scope 1 and 2 GHG emissions below the 2025 trajectory level based on Port of Newcastle’s Well Below 2-degree scenario
    2. 100% of all existing and new suppliers active during the relevant calendar year screened for modern slavery risk and demonstrated engagement where medium or high risk is identified
    3. Establish an Aboriginal and Torres Strait Islander student internship program with The University of Newcastle
    4. Achieve accreditation of a number of mental health first aiders in each company department.
    5. Demonstrated progression under the NSW Government Sustainability Advantage Recognition Scheme

     
    About Port of Newcastle
    Port of Newcastle (PON) is the largest port on the East Coast of Australia, supporting about 9,000 fulltime equivalent jobs nationally. The port handles 4,400 ship movements, and 164 million tonnes of cargo annually, supporting Australia’s $26 billion trade industry. The port handles a diversity of international trade, including coal, wheat and other grains, fertiliser, steel, cement, bulk liquids, containers, machinery and alumina. As custodians of the region’s critical asset, Port of Newcastle is diversifying its trade as it strives to create a safe, sustainable and environmentally and socially responsible future. Port of Newcastle became the first port in Australia and New Zealand to be certified as an EcoPort in January 2020, a global environmental and sustainability standard for the ports sector
     
    About NAB
    NAB is committed to delivering $70 billion in environmental financing by 2025. NAB is working closely with 100 of its largest greenhouse gas emitting customers to support them in developing or improving their low carbon transition plans by 2023. Tha bank is an inaugural signatory of the United Nations’ (UN) Principles for Responsible Banking, which requires it to implement a program of work over four years encompassing impact and target setting; clients and customers; stakeholders; governance and culture; and transparency and accountability. NAB is also the only Australian bank that has signed the United Nations Environment Programme Finance Initiative’s Collective Commitment to Climate Action, working towards aligning business operations and lending portfolios to achieve net zero carbon emissions by 2050.




2021 June 14

17:46 Fincantieri and MSC celebrate the start of construction of “Explora I”,
15:52 ABS and 22 industry players to study ammonia as an alternative marine fuel
15:18 ICS Guidance for Ship Operators and Roadmap for vaccination of seafarers
14:09 Bollinger submits proposal for U.S. Coast Guard Heritage-class offshore patrol cutter
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11:57 Trafigura joins cross industry study into the adoption of green ammonia as an alternative marine fuel
11:24 DFDS: Freight up 31% following lockdowns in 2020
10:32 SEACOR Marine announces debt payoff agreement
09:47 Kick off “Joint Study” framework for studying ammonia as an alternative marine fuel
09:13 MABUX: bunker indexes may change irregularly on June 14

2021 June 13

15:31 Petrobras signs contract for the supply of eighth Búzios unit
14:18 Lyon Shipyard to invest $24.4 million to expand its operation in the City of Norfolk
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12:41 MCA to carry out unannounced inspections of fishing vessels
11:42 The 126-passenger expedition cruise vessel National Geographic Resolution hits the water
10:56 Saipem: Inauguration of Saipem Guyana offshore construction facility in Georgetown

2021 June 12

16:09 Fred. Olsen Cruise Lines unveils brand new sailings aboard new ships Bolette and Borealis in 2022
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13:19 Belfast Harbour awards £25,000 to community projects
12:41 Maurice GEORGES named as new Chair of the Executive Board of Dunkerque-Port
11:38 AIDA Cruises resumes holiday voyages from July 29, 2021
10:52 OptiLink: A digital revolution in ballast water management

2021 June 11

18:07 LNG consumption as a marine fuel has almost doubled in 2020
17:31 Hapag-Lloyd to provide full transparency on vessel arrivals
17:09 MOL joins international think tank and accelerate development for carbon capture, utilization and storage
16:58 GTT obtains tank design order for two new LNG carriers from Samsung Heavy Industries
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16:24 Stena Line will move its Europoort-Killingholme service to Immingham
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15:36 Sea Port of Saint-Petersburg hosts introductory practical training for students
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14:25 Seanergy takes delivery of two Capesize vessels with prompt commencement of period charters
13:51 Total throughput at the ports of Bremen increases once again during Q1 4 June 2021
13:32 Roman Gorgutsa appointed as General Director of Morstroytechnology
13:28 Mitsui E&S Machinery and 22 industry players kick off studying ammonia as an alternative marine fuel
13:04 MOL and ACSL use flying drone to conduct autonomous inspection of vessel holds under non GNSS and dark environment
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12:38 Oboronlogistics receives RS certificate on safety management of cargo ship Sparta
12:14 CNES and CMA CGM sign unique partnership agreement to spawn innovative solutions for shipping, logistics and the space industry
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11:34 RS and GTT sign new cooperation agreement
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2021 June 10

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