Maybank Singapore has extended a US$100 million sustainability- linked Islamic revolving credit facility (RCF-i) to AET, one of the leading global owners and operators of maritime transportation assets and specialised services.
Making it the first of such facility in the shipping industry in Southeast Asia, maiden RCF-i will support AET’s strategic initiatives to reduce its fleet’s GHG emissions intensity by 40 per cent by 2030 (against 2008 baseline) and achieve its long-term commitment of net-zero GHG emissions by 2050.
AET has been pioneering investments in LNG dual-fuel tankers with 10 vessels already in its portfolio today and is taking the lead with future-focused industry players in the ongoing development of zero-emission vessels. Furthermore, AET is also looking to invest in new assets and businesses that support the energy transition. This RCF-i can be used to fund such
low-carbon initiatives and decarbonisation efforts to meet the world’s energy needs in the most sustainable and responsible way. This is also a great example of collaboration between the financing and shipping sectors to reduce the carbon footprint in the shipping industry.
Maybank’s role as Sole Financier of the RCF-i, with Maybank Investment Bank as the Sustainability Structuring Adviser, the transaction contributes to Maybank Group’s expanding sustainable financing portfolio and reduction in Scope 3 emissions. Maybank Group to mobilise RM80 billion in sustainable financing by 2025 and has achieved close to RM53 billion between January 2021 and the third quarter of this year.
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