Atal has partnered with Damen Shipyards Group and V.Group, Atradius DSB, MetLife, and Exim Finance, as well as several other parties for this $123.7M project.
Amsterdam, 4 June 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 particular 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 prioritise maximising 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.
END
Editor's note: As the project progresses, Atal Solutions will be sharing data on the potential fuel savings and emission reductions achieved through this partnership.
Edwin Sieswerda, Founder and Managing Director of Atal, will be in attendance at Posedonia and is open to interviews during the event.
Media Contact:
Tove Berkhout - tove@prlab.co
Atal Bio:
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.
Edwin Sieswerda - Founder and Managing Director of Atal
After more than 20 years of experience in international finance law and global banking fields, Edwin decided to build Atal. His vision is to support suppliers of capital goods by involving them in international projects that contribute to economic development and provide solutions to global challenges.
By applying the extensive knowledge of export finance, corporate structuring and compliance in addition to acting as turnkey contractor and exporter, Atal delivers real added value for suppliers, project owners, and the related economies.
Edwin’s genuine interest in solving the financial needs of Atal’s clients and providing solutions for global challenges has transformed him into a real business partner, who spends time and understands the distinctive needs of Atal’s clients and the markets they’re performing in.
Damen Shipyards Group Bio
Damen Shipyards Group has been in operation for over ninety-five years and offers maritime solutions worldwide, through design, construction, conversion and repair of ships and ship components. By integrating systems we create innovative, high quality platforms, which provide our customers with maximum added value.
Our core values are fellowship, craftsmanship, entrepreneurship and stewardship. Our goal is to become the world’s most sustainable shipbuilder, via digitalisation, standardisation and serial construction of our innovative vessels and through use of circular materials.
Damen operates 35 shipyards and 20 other companies in 20 countries, supported by a worldwide sales and service network. We deliver in the region of 100 vessels per year, with a total production value of over 3 billion euros. We offer direct employment to approximately 12,500 people. In all that we do, our aim is to ensure a positive impact on the local environment and society.