Singapore-based LPG player BW Epic Kosan has secured its first sustainability-linked loan (SLL) to refinance 19 vessels for up to $140 million alongside an acquisition line of $20 million to finance potential growth opportunities.

BW Epic Kosan which owns and operates a fleet of gas carriers completed the refinancing yesterday, after which there are no loan expiries until 2026.

The loan includes a sustainability-linked margin adjustment with two key performance indicators (KPIs), the company said in a statement.

One KPI is linked to reducing fleet emissions and the second is to increase the number of female seafarers in the company’s employment.

The company, headquartered in Singapore and a regional office in Copenhagen, controls a fleet of 67 vessels that serve the international supply chains of oil majors and commodity traders throughout Asia, Europe, Africa and America.

The syndicate includes ABN AMRO Bank as Sustainability Coordinator and Credit Agricole Corporate and Investment Bank as Documentation Agent, jointly acting as Bookrunning Mandated Lead Arrangers, along with Skandinaviska Enskilda Banken, Standard Chartered Bank and Iyo Bank.

Charles Maltby, CEO of BWEK, says, “This is BW Epic Kosan’s first Sustainability-Linked Loan. We appreciate the support from our financial partners on our important initiatives to reduce climate impact from vessel operations and to improve gender diversity in shipping. We look forward to collaborating further with all partners to achieve our sustainability goals.”