Turkey-based Alternative Transport has received a loan of €27.5m from the European Bank for Reconstruction and Development (EBRD) to fund the acquisition of a new roll-on / roll-off (RoRo) cargo ship.
The new EBRD loan is also expected to provide a boost for the wider Turkish shipping industry.
Alternative Transport’s new €55.5m RoRo vessel will feature a 283-trailer capacity and is expected to carry wheeled cargo such as cars, trucks and trailers, as well as railroad cars that are driven on and off the ship.
An additional €4.5m junior loan will also be provided for the ship's construction under the EBRD's Green Logistics Programme, which is funded by the Global Environment Facility.
Turkey’s Isbank is also providing a parallel loan of €16m towards the shipbuilding programme.
The vessel will help Alternative Transport expand its routes connecting the Haydarpasa port in Istanbul, Turkey and the Italian port city of Trieste. It will also help the company increase operational efficiency and profitability.
EBRD Transport director Sue Barrett said: “Although the importance of RoRo transportation between Europe and Turkey is increasing rapidly, shipping companies in Turkey suffer from scarce access to long-term financing.
“This is our second transaction with Alternative Transport, a truly international sea transport firm, as we believe shipping operations are not only a successful business but also support a cleaner, safer and more efficient transport system for the country’s booming trade.”
Alternative Transport also aims to realise its strategy of developing intermodal solutions to link major European ports via the latest EBRD support.
The compant further noted that it would continue to develop its infrastructure, as well as invest in new vessels, trucks, warehouses and ports to the benefit its customers.
Image: Alternative Transport is investing in a new €55.5m vessel to operate the route connecting Istanbul, Turkey and Trieste, Italy. Photo: courtesy of EBRD.