illimity Bank S.p.A., with a loan of approximately 35 million euro, supports the renewal of the fleet of Navigazione Montanari Group, a historic player and one of the leading players in the Italian shipping industry.
The 6-year loan has been granted to Euromont Shipping S.p.A. (a company wholly owned by Navigazione Montanari S.p.A.) and is backed by the Italian export credit agency SACE through its “Garanzia Italia” facility.
Founded in 1889, the Navigazione Montanari Group has been operating for more than 120 years in shipping products for the oil and petrochemical sectors and counts among its customers operators of primary importance at an international level. In 2020, the Group posted consolidated revenues of 128.8 million euro and an EBITDA of 52.5 million euro.
Through the loan facility, Navigazione Montanari has concluded the purchase of two tankers which, by replacing some older ships decommissioned during the previous year, will enable the Company to continue the renewal of its fleet, to provide its customers with an increasingly high standard of quality, safety and respect for the environment.
The new ships, in fact, are equipped with electronic engines that regulate combustion to minimise the environmental impact, in this way limiting atmospheric pollution and consumption.
Enrico Fagioli, Head of illimity’s SME Division: “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 that it is taking off again is a positive sign for the whole economic ecosystem.”
Corrado Montanari, Chairman of the Navigazione Montanari Group: “We are particularly pleased to be able 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. In this respect 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.”
Sea News, May 5