Please note: PSD updated 22 March 2017
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
EUR 10.000.000 through an increase of an existing facility.
Total Project Cost
Approximately EUR 55.5 million.
Environmental and Social Summary
The project is categorised B. The acquisition of three Ro-Ro vessels to provide international sea transportation services is associated with environmental and social impacts that can be readily identified and mitigated. The environmental and social due diligence (ESDD) has been carried out by independent consultant through verification of Ekol’s responses to the EBRD questionnaire, which focuses on Ekol's operations, policies, procedures, management systems and compliance with regulatory requirements and international standards of maritime safety and environment protection.
The investigations showed that the vessels meet internationally acceptable environmental, health and safety (EHS) standards and operations are overall in compliance with regulatory requirements, EU environmental standards and international (including IMO, MARPOL and SOLAS) standards of maritime safety and environment protection. However, the due diligence identified few technical issues which were not noted in earlier surveys and inspections which might affect the safety of the vessels. These issues have been addressed in the ESAP.
The vessels are certified under the International Safety Management (ISM) Code. Once the vessels are acquired by Ekol, the procedure and manuals will need to be reviewed and adopted to the new management. The Company has an environmental management system in accordance with ISO 14001, which will be certified by the end of 2015.
The Company has well defined HR procedures and a grievance mechanism, which are also disclosed on the Company website. In November 2007 Ekol signed the United Nations Global Compact which is an initiative for businesses that are committed to aligning their operations and strategies with ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption.
An Environmental and Social Action Plan (ESAP) has been agreed to further improve the environmental and social performance of the Company in line with international best practice and to ensure it carries out the project in compliance with the EBRD PRs. The ESAP commits the Company amongst others to: attaining ISO 14001 and OHSAS 18001 accreditation; maintaining compliance of all fleet with international maritime safety and environmental standards (including IMO MARPOL and SOLAS); adopting and formalising ballast water management procedures to comply with the upcoming ballast water treatment requirements of IMO ; obtaining “green passports” for the vessels; making the necessary improvements to achieve compliance with the upcoming emission standards; confirmation of the high level bilge alarm between main ramp and water tight doors are in place and in good working order; formalising and documenting the current practice of inspecting propellers following the docking of each vessel; and implementing a programme to improve energy performance.
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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