LPG carrier owner Navigator Holdings is thought to be the first shipowner to clinch a loan partly linked to the number of women in senior roles.
The US-listed company announced a $200m refinancing of 10 gas ships in its financial results earlier this month.
Law firm Norton Rose Fulbright (NRF), which advised Dutch lender ABN Amro as sustainability coordinator for the banking syndicate, has now revealed more details.
It said the deal was completed on 28 March and incorporates key performance indicators linked to the environmental performance of Navigator’s fleet and the number of women holding leadership roles.
NRF called this a “new development for the shipping industry”.
Randy Giveans, Navigator’s executive vice president of investor relations & business development, told TradeWinds that the shipowner also has its own internal targets for boosting the presence of women in senior leadership roles.
He said the plan is to monitor and disclose representation data and set hiring targets.
Navigator will also carry out leadership awareness and coaching, and introduce policies to facilitate equal opportunities.
Giveans said the company will be “focused and unbiased” in its recruiting.
The top four executives at the shipowner are male: chief executive Mads Peter Zacho, finance chief Niall Nolan, chief commercial officer Oeyvind Lindeman and chief operating officer Michael Schroder.
‘Highly innovative’
The NRF team was led by partner and global co-head of shipping Simon Hartley, with support from associate Oliver Webber and trainee Maria-Christina Papoulia.
Hartley said: “This was a highly innovative form of financing — it is great to be able to see and play a part in the emergence of new forms of financing, knowing that they will help to support the development of future diversity in leadership within the sector.”
Watson Farley & Williams acted for Navigator.
Of Counsel Emily Widdrington worked with associate Lottie Lymer and trainee Florence Bell.
Widdrington said: “Honoured to have supported our long-standing client in this hugely exciting transaction promoting both sustainability and gender diversity in the maritime sector”.
The loan clears away 2023 maturities and expires in 2029.
The deal will enable the company to borrow an additional $65m for general corporate purposes.
