Green Shipping: KfW IPEX-Bank finances first LNG-powered ship in Germany

Frankfurt am Main (ots) -

- Innovative low-emission LNGgas-powered engines contribute to
improving environmental and climate protection in shipping
- Development of a liquefied natural gas infrastructure in Europe
- Support of German export economy, shipbuilding sector in
Mecklenburg-Pomerania Germany and the domestic Ship supplying
industry

KfW IPEX-Bank is financing the construction of the first
completely gas-powered and thereby low-emission ship in Germany. The
15,600 cubic metre LNG tanker will be used to decentrally supply
Liquefied Natural Gas to energy intensive industries and LNG tank
facilities in the North Sea and Baltic Sea as well as to supply the
towngas network in Stockholm, the Swedish capital. With the help of
an innovative ship propulsion system installed for the first time in
Germany, the vessel will power the engine from the boil-off gas from
its cargo hold.

The Dutch shipping company Anthony Veder Group N.V. ordered the
ship from Meyer Werft/Papenburg and already has concluded a long-term
charter contract with a Norwegian energy company. The vessel will be
built at the Neptun shipyard in Rostock/Warnemünde, which belongs to
the Meyer group of companies since 1997. KfW IPEX-Bank provided and
structured the financing.

"I am pleased that we can participate in realising such a
future-oriented project" said Christian K. Murach, Member of the
Management Board of KfW IPEX-Bank at the contract signing. "Here we
are developing the environmentally-friendly 'green' shipping of the
future. This makes not only ecologic, but also economic sense.
Moreover, the completion in Rostock will contribute to supporting the
shipyards in eastern Germany, in particular in a viable segment that
has a long-term, promising future."

The financing is covered by Euler Hermes and falls under the
German CIRR (Commercial Interest Reference Rate) for ship financing.
The term of the Hermes covered tranche is 12 years.

After its delivery at the end of 2012 the ship will operate in
Scandinavia and in the Baltic Sea, where in the coming years the
emission regulations will be further tightened. The Baltic Sea is one
of the most densely sailed seas of the Earth where starting in 2015
the strictest regulations of MARPOL Annex VI of the International
Maritime Organisation (IMO) will apply. The international, globally
applicable agreement to prevent ocean pollution from ships includes
in this Annex, among others, rules to reduce the emission of
pollutants into the air. Starting in 2015 the emissions in the Baltic
Sea may only contain 0.1% sulphur gases. Shipping in these regions
will then only possible with gas-powered or emission-reducing
filters.

A picture of the vessel is available on the homepage of KfW
IPEX-Bank in the press section under "press material".

About KfW IPEX-Bank GmbH

KfW IPEX-Bank is responsible for international project and export
finance within KfW Bankengruppe. Its function of providing financing
to support the German and European economy is derived from the legal
mandate of KfW Bankengruppe. Its prime focus is on medium- and
long-term lending to boost the export economy, develop economic and
social infrastructure and support environmental and climate
protection projects. KfW IPEX-Bank operates as a legally independent
group subsidiary and plays a major role in fulfilling the promotional
mission of KfW Bankengruppe. It has 526 employees (as of 31 December
2010) and is represented in the key economic and financial centres
around the globe.

Contact:
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: E-Mail: dela.strumpf@kfw.de
Tel.: 069 7431-2984, Fax: 069 7431-9409,
E-Mail: info@kfw-ipex-bank.de,
Internet: www.kfw-ipex-bank.de