The First Green Bond Issued within the Shipping Sector in the Western World

October 10, 2019

As part of our fleet renewal program, Teekay Offshore is currently building its latest generation of shuttle tankers. These E-Shuttles can use their own emissions as fuel, and once on the water, they will be the most environmentally friendly shuttle tankers ever built. This game changing step towards a sustainable future has been acknowledged by CICERO who has deemed the vessels to qualify as light green in their green bond second opinion evaluation, enabling the first green bond issue within the shipping sector in the Western world. This has allowed us to issue a USD 125 million senior unsecured Green Bond with a five-year tenor. Proceeds will be used for the refinancing of intercompany debt relating to four of the E-Shuttles.

Ingvild Sæther, CEO and President Teekay Offshore commented: “We are very proud of the substantial steps the E-Shuttles represent in moving towards decarbonizing shipping and I encourage the whole industry to demonstrate leadership in moving towards the goals of the Paris Agreement. The success of this Green Bond is a testament to the financial sector playing a part in enabling a pathway for sustainable solutions.”

For more information, please refer to the press release: