KfW IPEX-Bank is financing two kamsarmax dry bulk carriers ordered by C Armateurs.

The German export finance bank has provided a credit facility of €42m ($45m) to the Swiss-based shipping company, which is a part of the Cobelfret group.

The purpose of the facility is “the fleet’s renewal and modernisation to enhance efficiency and reduce emissions in order to meet the increasingly strict requirements of the IMO [International Maritime Organization] and charter companies,” KfW said in a statement.

“We are delighted to further develop our long-standing customer relationship with the Cobelfret Group and are pleased to support the renewal of their fleet in pursuit of environmentally friendly and sustainable freight transport by sea”, Andreas Ufer, member of the management board of KfW, said.

Ufer is in charge of mobility, infrastructure and syndication and treasury at KfW.

The funds will be used to upgrade the fleet by building two identical modern kamsarmax bulkers, which the company has ordered from Japanese shipyard Oshima Shipbuilding.

“With this financing, we are once again underscoring our commitment to supporting our customers in their transformation to climate-friendly and CO2-efficient shipping,” Ufer said.

The ships will be delivered in the fourth quarter of this year and are already assigned to long-term charters.

The vessels will comply with the EEDI Energy phase 3 rating and will be IMO Tier III NOx compliant.

C Armateurs operates a fleet of bulkers that supply companies in agriculture and fertiliser production, energy, construction and mining.

The Cobelfret companies operate a modern, fuel-efficient fleet of owned, long-term and short-term chartered tonnage, according to its website.

The group has a combined fleet of more than 100 vessels from handysize up to capesize bulkers.

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