White & Case advises Proman AG on the launch of an industry-first methanol powered sustainable shipping fund

Global law firm White & Case LLP has advised Proman AG (Proman), one of the world’s largest methanol producers, on a green loan ship financing in support of the launch of an industry-first sustainable shipping fund in partnership with Stena Bulk AB, an internationally recognized and leading European shipping company. 

The fund, the Low Emission Methanol Shipping Company S.C.A. SICAV–RAIF (LEMSCO or the Fund), has an initial portfolio of four methanol-fueled MR tankers, which are re-engineered with methanol power to be among the most energy-efficient and sustainable MR tankers in the world. 

Proman will have a dedicated methanol supply contract with LEMSCO, ensuring that the fleet’s operations are cost-effective and powered by a technology-proven and globally available low-emission alternative fuel. 

White & Case advised Proman on various financing matters in connection with the fund, including a landmark secured green loan financing for LEMSCO arranged by ABN AMRO Bank N.V. for the purpose of part-funding the Fund’s acquisition of the four Cypriot entities owning the MR tankers. 

The White & Case team was led by partner Elizabeth Kirk (New York), and associates James Turner and Leo Colle (both in London). The team also included partners Vanessa Schürmann and Yannick Adler, counsel David Santoro, associate Merve Mert and international attorney Juliana Leao (all in Frankfurt); and partner Arnaud Cagi-Nicolau, local partner Christophe Goossens, counsel Willem van de Wiele and associates Olivier Poinsignon, Konstantinos Strakas, Scott Goldner, Arnaud Marquet and Sara Ben Othmen (all in Luxembourg).

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