Concordia Damen receives 40 inland waterway barge order from J.P. Morgan
November 6, 2020
Concordia Damen has signed a contract for 40 eco-friendly dual fuel barges with institutional investors advised by J.P. Morgan Asset Management. These barges will be chartered by Shell and operated by the VT Group/Marlow. Frachtcontor Capital Partners was the broker for the deal.
The 110 x 11.5 metres vessels will have LNG propulsion and extreme shallow draught capabilities – 2800 ton on 3.25 metre draught – in order to maximise cargo carrying capacity on Dutch, Belgian and German canal and river networks.
Martin van Veen, freight trading manager, of Shell explained the choice of Concordia Damen, saying, “Concordia Damen has a proven track record in the delivery of products that are highly efficient and sustainable. In addition, they have demonstrated their capabilities in the delivery of shallow draught vessels – which is of importance to this project. We are looking forward to the collaboration.”
Chris Kornet CEO Concordia Damen said, “We are very grateful to have received this order and are looking forward to beginning the work. This is yet again a validation of our efforts towards greater levels of sustainability in the inland shipping sector.”
Andy Dacy, Global Head of Transportation at J.P. Morgan Asset Management, said: “We are excited and honored to partner with Shell and Concordia Damen on this innovative and sustainable inland waterway project.”
The VT Group is specialised in inland shipping, transporting minerals, chemical products, bio fuels and lubricants. The Parsifal tankers will transport mineral oils between Antwerp, Amsterdam, Rotterdam and the Rhine network.
Concordia Damen will begin construction of the tankers in December this year. The delivery of the first vessel will be in November 2021. After that, the yard will deliver another vessel each month, completing the order by December 2024.