Damen and Purus Marine team up to finance maritime energy transition

15 april 2021

Damen Shipyards Group has announced a partnership with Purus Marine, an environmentally focused maritime vessel and infrastructure company established by EnTrust Global, for the financing of green shipping projects. The partnership, named DP Lease, aims to provide client-centric, flexible and attractively priced long-term lease financing solutions to solve the financing gap created by additional capital expenditure requirements associated with the purchase of environmentally-advanced vessels. DP Lease aims to support decarbonisation of the maritime industry. Jan-Willem van Helden, managing director of Damen Financial Services explains, “DP Lease will help clients to renew their fleets by means of highly sustainable vessels and lease finance solutions. This will help them comply with forthcoming regulations as well as demands from end users, shareholders and other stakeholders, via investment in technologically-advanced low greenhouse gas emission marine vessels.”

Green fleet renewal

Svein Engh, Senior Advisor and Board Member to Purus Marine, states, “We are delighted to team up with the well-established team at Damen to provide much needed leasing solutions to vessel owners looking to decarbonise and provide end users with greener vessels for the future. We believe this partnership structure is very creative and look forward to helping the various maritime sectors move towards a greener future.” The partnership will own environmentally-friendly Damen-built vessels which will then be leased to the shipbuilder’s clients. The partnership will invest in a number of sectors, including public transport, offshore wind, and harbour & terminal. Subsequently, this will extend to include inland and short sea shipping. The timing for this is excellent as the partnership will be able to support the numerous public transport contracts that are forthcoming in north west Europe.

World’s most sustainable shipbuilder

DP Lease is aligned with Damen’s ambition to become the world’s most sustainable shipbuilder as well as with its goal of being a stable financing partner for potential vessel buyers. The partnership will draw on Damen’s experience as a pioneer in building sustainable vessels and its unparalleled access to green maritime technology. The partnership with Purus Marine is founded upon Damen’s activities in multiple sectors and markets and long-term view as a family owned company. Julian Proctor, CEO of Purus Marine, says, “We believe DP Lease will provide its customers with bespoke vessel financing, which is not only cost-effective, but also produces a significant positive environmental impact. With its track record in the construction of fully electric tugs, ferries and dredgers and its practice of standardised shipbuilding, Damen is well positioned to facilitate the fast delivery of a reliable fleet of sustainable vessels.”

Growing range of financial services

The launch of DP Lease follows Damen’s recent announcement of the creation of its latest division, Damen Financial Services. With this new business unit, Damen is supporting its clients by means of both operational and financial leasing. This move is a response to growing demand for financing solutions from Damen’s clients, enabling them to treat capital expenditures as operating expenses.

Sound financial footing

Damen has a solid track record in the provision of financing for its clients and has long-standing relationships with national and international banks, export credit insurers, investors and multilateral institutions. Damen’s partner in DP Lease, Purus Marine, is an owner of environmentally-advanced maritime vessels and infrastructure equipment, contracted to leading customers in the ocean industries. Purus Marine was established by EnTrust Global, a leading asset management firm with over $19 billion in assets.