France-based financial institution Societe Generale has joined the SEA / LNG coalition, a multi-sector industry alliance that aims to increase the use of liquefied natural gas (LNG) as a marine fuel.

The development has made the bank the first financial institution to join the coalition, which intends to leverage knowledge, networks and real-life examples to achieve a global LNG value chain to facilitate cleaner maritime shipping operations.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The strategic membership is expected to help develop a long-term financial framework to support and complement other industry works in the LNG shipping value chain.

"Societe Generale wants to play a key role in supporting the SEA \ LNG coalition to realise its goal of making LNG a viable maritime fuel."

Societe Generale Corporate and Investment Banking, Shipping Finance global head Paul Taylor said: “The use of LNG as a marine fuel is gradually becoming a global reality.

“In line with our wider environmental commitment to promoting greener solutions, Societe Generale recognises the benefits of LNG in lowering local pollution and greenhouse gas emissions when compared with traditional marine fuels.

“Societe Generale wants to play a key role in supporting the SEA \ LNG coalition to realise its goal of making LNG a viable maritime fuel for 2020 and beyond.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The bank previously acted as the sole mandated lead arranger, lease investor, facility and security agent, hedge provider, and lender under the €142.6m France-based lease financing of Honfleur, which was the first LNG-fuelled ferry to be commissioned by Brittany Ferries.

The transaction formed part of the European Union’s (EU) recently instituted Green Shipping Guarantee programme, which has received a funding guarantee from the European Investment Bank.