illimity Bank is supporting the renewal of the fleet of the Italian tanker company Navigazione Montanari Group, with a €35M (US$42M) loan
Founded in 1889, the Navigazione Montanari Group has been operating for more than 120 years shipping products for the oil and petrochemical sectors and counts among its customers international oil traders and oil majors. In 2020, the Group posted consolidated revenues of €128.8M and an EBITDA of €52.5M.
The six-year €35M loan from illimity Banks has been granted to Euromont Shipping (a company wholly owned by Navigazione Montanari) and is backed by the Italian export credit agency SACE through its Garanzia Italia facility.
Through the loan facility, Navigazione Montanari has purchased two unnamed tankers which will replace older ships decommissioned the previous year. The new ships are equipped with electronic engines that regulate combustion to minimise the environmental impact, limiting atmospheric pollution and consumption.
Illimity Bank head of the small and medium enterprises division Enrico Fagioli said, “We are very proud to support the investment plan of Navigazione Montanari, a historic player in the Italian shipping industry. Shipping, in general, is a sector of particular importance. It acts as the backbone of trade, and the fact it is taking off again is a positive sign for the whole economic ecosystem.”
Navigazione Montanari Group chairman Corrado Montanari said, “We are particularly pleased to share our investment plan with illimity, a young and dynamic bank that has intelligently grasped the strategic importance of the shipping sector in the national and international revival. We are sure that Italian shipping, which is one of the leaders at a global level, will once again turn out to be a distinguishing and determinant factor in a solid and long-lasting recovery.