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Atal Solutions Lands $123.7M Green Project for BAM Shipping

Atal partnered with Damen Shipyards Group and V.Group, Atradius DSB, MetLife, and Exim Finance for $123.7M project
June 5, 2024

Atal Solutions is pleased to announce a new partnership, aimed at positioning Dutch exporters as global leaders in fuel-saving and emission reduction solutions in the shipping industry. When completed, it’s estimated that this project will:

  • Reduce fuel consumption by at least 20%
  • Up to 99% reduction in CO2, SO, and NO
  • Reduce particulate matter up to 75%
  • Increase the lifetime of the vessels by 10 years
  • Reduce overall operational expenses

By collaborating with BAM Shipping, Atal provides a realistic option for achieving significant fuel savings and emission reductions for existing vessels. This initiative not only bolsters the export of capital goods from the Netherlands but also addresses the pressing need for sustainable practices in the shipping industry.

"We look at real impactful solutions—easy and fast to implement, based on proven technologies—and avoid idealistic solutions. If we truly believe in a project, we make it happen and don’t stop until we do." said Edwin Sieswerda, Founder and Managing Director of Atal.

Initially, the shipping industry focused on the idealistic solution of using alternative fuels to reduce emissions for existing vessels. However, this approach fails to address the emission problems of the existing fleet due to insufficient shipyards for vessel modifications and inadequate global infrastructure for alternative fuels. Therefore, Atal will prioritize maximizing fuel savings and emission reductions while still using traditional fuels. Compared to more traditional methods, this solution can be quickly applied to existing vessels and has the potential to produce a greater and faster positive environmental impact.

Rutger van Dam, representing Damen, stated: “At Damen, we are proud to team up with Atal to offer a robust solution for financing large projects like with BAM Shipping, while mitigating risk and keeping sustainability at the forefront. Embracing Atal’s innovative vision and capabilities, we are confident that this collaboration provides the ideal solutions to meet the current demand for cleaner shipping and fuel saving technologies. Our mutual goal is to accelerate the transition to more sustainable shipping while ensuring that the business case and revenue generation remain competitive. The financing structure of this project is a breakthrough, enabling significant advancements in sustainable shipping with a commercially viable model.”

From an export finance perspective, pioneering the integrated approach alongside an appealing export finance solution empowers Dutch exporters to notably increase their sales and exports.

The collaboration between Damen and Atal has resulted in a project for BAM Shipping, driven by a shared goal of pioneering impactful environmental solutions in the maritime industry. This commitment is underscored by the project's total value of $123,7M, with Atal providing a supplier's credit amounting to $105,2M (owners will therefore only inject 15% equity). This project could pave the way for fast tracking the retrofit of a large part of the existing vessels worldwide.

“Currently, we are working on four vessels, but we anticipate many similar projects will follow upon the successful implementation of this initiative. Additionally, we expect increased support from the financial sector as the positive impact of our integrated solution becomes evident. Atal's ongoing collaboration with Damen and other industry players helps them set a new standard for fuel-saving and emission-reduction solutions,” stated Edwin Sieswerda, Founder and Managing Director of Atal.

Atal Solutions combines entrepreneurial expertise and a global network to drive projects financed by export credit. We accelerate international trade in capital goods and services by managing corporate project structures, arranging export credit, and providing top-tier compliance advice. Our integrated approach connects exporters and importers, creating new business opportunities and making a meaningful impact in the international trade landscape. At Atal, we simplify complex transactions and support global commerce growth.

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