Translated version of this PSD: Turkish
A senior loan to Alternative Tasimacilik A.S (Alternative) to finance the acquisition of a roll-on/rolloff (ro-ro) vessel to provide international sea transportation services from Haydarpasa in Turkey to Trieste, Italy. Alternative was established in 2012 by Ahmet Musul, the founder and the majority shareholder of Ekol Lojistik A.S.
The acquisition of the vessel by Alternative will allow Ekol to increase profitability and operating efficiency through the implementation of intermodal solutions that provide cost benefits as well as strategic competitive advantages derived from having better control over schedules and availability.
The project is consistent with the EBRD's Green Economy Transition approach and is a good example of an investment promoting low carbon footprint. Ro-ro vessels form an integral part of developing the motorways of the sea by which trucks and trailers are moved off roads and are transported by sea at significantly lower carbon footprint per unit in addition to savings in time, border crossing fees and other benefits.
ALTERNATIVE TASIMACILIK AS
Alternative, a special purpose company established in Istanbul in November 2012, is 100 per cent owned by Ahmet Musul, the founder and the majority shareholder of Ekol Lojistik A.S. Ekol is currently one of the largest third-party logistics providers operating in Turkey with over 40 locations in 25 cities in Turkey and 18 locations in 9 European countries.
EBRD Finance Summary
Total Project Cost
Environmental and Social Summary
Categorised B (2014). The acquisition and operation of a new Ro-Ro Vessel to provide international maritime logistics services is associated with limited environmental and social impacts that can readily be identified and mitigated. The Environmental and Social Due Diligence (ESDD) has been carried out internally through review of the annual reports submitted for the existing Ekol project (signed in 2014, DTM 46917) and focused on the Company's operations, policies, procedures, management systems and compliance with regulatory requirements and international standards of maritime safety and environment protection. ESDD has also reviewed the technical specifications for the new Vessel against international standards of maritime safety and environment and the risks associated with the ship building.
The ESDD has shown that Companyas vessels meet international environmental, health and safety (EHS) standards. In 2016, the Company's vessels have been through a number of inspections, audits and controls by flag states, port authorities and class, which indicates overall compliance with regulatory requirements, EU environmental standards and international (including IMO, MARPOL and SOLAS) standards of maritime safety and environment protection, with only minor non-compliances that have already been addressed by the Company. The Companyas vessels are certified under the International Safety Management (ISM) Code and same standards will be applied to the new Vessel. The new Vessel is being constructed in a shipyard in Norway by German
contractors following EU EHS requirements.
The new vessel is expected to emit 17,000 tonnes of CO2 per annum. The intermodal solution provided by the new vessel in combination with rail transportation to the final destination (Munich) could avoid 23,000 tonnes of CO2 per annum (See GET Information Table), in addition to other benefits on road congestion, local pollutants and road safety. Also it should be highlighted that the new vessel is much more efficient compared to the existing company's vessels, avoiding around 20,000 tonnes of CO2 emissions per annum compared to an existing vessel travelling the same route.
Supply chain and contractor/non-employee worker labour and OHS risks had been assessed to be minimal during ESDD. While PR2 requirements appear to be met by the Company, further clarification has been sought on seafarers contracting regimes and trade union adherence. Any potential corrective action will be included in the ESAP and agreed with the client prior to Board.
During the period 2014-2016, the Company has identified 89 stowaways hidden in the cargo loaded on their ships. The Company has a stowaway procedure but it is generic. Environmental and Social Action Plan (ESAP) requires the procedure to be revised to be more specific with respect to the actions to be taken.
Most actions for the ESAP agreed for the first project have been completed. The Company has developed EHS management systems, which are currently going through the ISO 14001 Environmental Management, OHSAS 18001 Occupational Health and Safety Management and ISO 50001 Energy Management accreditation process, with certification expected by July 2017. The Company has installed ballast water treatment (BWT) systems on their new vessels ( Meleq & Fadiq ) and will have BWT systems installed in their other vessels by July 2017. The Company has obtained "green passports" for its vessels. The ESAP has been amended to include actions related to stowaways and will be updated as needed pending clarifications on labour matters.
The Company will provide the Bank with annual reports on its environmental and social performance, including updates on the implementation of the ESAP. The Bank will conduct monitoring visits on a risk driven basis, as required.
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