KfW IPEX-Bank is set to finance the construction of the first completely gas-powered and thereby low-emission ship in Germany.

The 15,600 cubic metre LNG tanker will supply Liquefied Natural Gas to energy intensive industries and LNG tank facilities in the North Sea and Baltic Sea as well as to supply the town gas network in Stockholm, the Swedish capital.

"I am pleased that we can participate in realising such a future-oriented project"; said Christian K Murach, Member of the Management Board of KfW IPEX-Bank at the contract signing. "Here we are developing the environmentally-friendly 'green' shipping of the future. This makes not only ecologic, but also economic sense. Moreover, the completion in Rostock will contribute to supporting the shipyards in eastern Germany, in particular in a viable segment that has a long-term, promising future."

With the help of an innovative ship propulsion system installed for the first time in Germany, the vessel will power the engine from the boil-off gas from its cargo hold.

The Dutch shipping company Anthony Veder Group N.V. ordered the ship from Meyer Werft/Papenburg and already has concluded a long-term charter contract with a Norwegian energy company.

The vessel will be built at the Neptun shipyard in Rostock/Warnemünde, which belongs to the Meyer group of companies since 1997. KfW IPEX-Bank provided and structured the financing.