Hamburg Commercial Bank Supports LEMSCO Fund with $190 Million Methanol Tanker Refinancing for Green Shipping

Image Source: Stena Bulk

Hamburg Commercial Bank has provided USD 190 million in financing to the Low Emission Methanol Shipping Company Fund, known as LEMSCO, which was launched by Proman AG and Stena Bulk. This five-year refinancing targets six methanol dual-fuel tankers, each with a deadweight tonnage of 50,000, that are chartered to Proman and Stena Bulk for a 15-year term. The LEMSCO Fund I, established in 2023, is the first ship fund to invest exclusively in methanol-powered vessels and is structured to align with EU taxonomy requirements in sustainable finance.

Jan‑Philipp Rohr, Global Head of Shipping at Hamburg Commercial Bank, emphasized the bank’s commitment to supporting maritime decarbonization, stating, “We are delighted to continue supporting the innovative LEMSCO fund with this refinancing. Their state‑of‑the‑art technology means the ships are contributing to the decarbonization of the maritime sector, a commitment we are very pleased to support.”

Echoing this sentiment, Andrew Craig, Managing Director of Corporate Finance at Proman, remarked, “With this refinancing, the LEMSCO fund is continuing to pave the way for a more environmentally friendly future in shipping. We would like to thank HCOB for their trust and cooperation.”

Each of the six modern methanol-capable tankers, classified as IMO II MeMAX, can operate using methanol or very low sulphur fuel oil (VLSFO), allowing for a reduction in emissions regardless of fuel source. The ships are also equipped with NOx‑Tier III engines that meet strict environmental standards. By securing this financing, Hamburg Commercial Bank is directly contributing to the evolution of cleaner shipping practices and helping investors align with sustainable energy transition goals.

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