Sustainable fund

Law firm HFW has advised on the launch of the shipping industry's first sustainable fund. The fund, named Low Emission Methanol Shipping Company (LEMSCO), was launched by maritime investment advisor ProMarine AG with an initial portfolio of four methanol-fuelled MR tankers, which were acquired from Proman and Stena Bulk. It is backed by equity investors and is also financed by a green loan from ABN AMRO. LEMSCO will benefit from a dedicated supply contract from Proman - one of the world's largest methanol producers - ensuring that the fleet's operations are not only cost-effective but also powered by a technology-proven and globally available low-emission alternative fuel.