ING Facilitates Green Transition for ITS with $424 Million in Credit Facilities

In a significant step towards a greener maritime industry, International Transportation Service (ITS) has secured $424 million in credit facilities from ING Capital LLC, with ING acting as the Administrative Agent, Joint Lead Arranger, Sole Taxable Debt Bookrunner, and Joint Sustainability Coordinator. This financing package, announced on February 6, 2025, will support a major terminal redevelopment project at the Port of Long Beach, California, with a strong focus on sustainability and decarbonization.



The redevelopment plan includes a slip-fill project with an estimated capex spend of ~$300 million, which will increase yard capacity by 50% to accommodate up to two 18,000 Twenty-Foot Equivalent Unit (TEU) vessels simultaneously. As part of this expansion, ITS will electrify its current terminal fleet to meet the California Clean Air Action Plan (CAAP) targets, reducing emissions from its operations.

Up to $100 million of the credit facilities have been designated as Green Loans, specifically aimed at procuring electrified terminal equipment. This initiative aligns with parallel efforts by the Port of Long Beach and other regional terminal operators to achieve net-zero emissions through key decarbonization strategies, such as electrification and the adoption of zero-tailpipe emissions equipment.

Mike Dyadyuk, Managing Director at Macquarie Asset Management (MAM), which owns ITS through a managed vehicle, expressed his enthusiasm for the partnership with ING and other lenders, stating that the financing will expedite ITS' ability to meet CAAP objectives while delivering operational efficiencies.

Marta Bede, Managing Director, Infrastructure, Americas, at ING, highlighted the bank's commitment to supporting clients in their transition to more sustainable business models. Suleyman Kilci, Vice President, Sustainable Solutions Group, Americas, at ING, emphasized the importance of financing sustainable initiatives that support reduced negative environmental impact while promoting capacity expansions that scale essential decarbonization catalysts for achieving net-zero goals.

The use of Green Loans by ITS, facilitated by ING, contributes to the broader goal of achieving net-zero emissions in the maritime industry by investing in zero-tailpipe emissions technology, aligning with industry initiatives, supporting capacity expansions, and encouraging sustainable practices. This strategic mission to enhance marine terminal infrastructure across the Americas is further supported by the structuring of the Green Loans, which encourages sustainable investments, facilitates decarbonization initiatives, and aligns with parallel initiatives by the Port of Long Beach and other regional terminal operators.

In conclusion, the partnership between ING and ITS demonstrates the potential for green financing to drive sustainable change in the maritime industry. By investing in electrified terminal equipment and other decarbonization initiatives, ITS is taking a significant step towards achieving net-zero emissions, with the support of ING's expertise in sustainable finance. As the maritime industry continues to evolve, such collaborations will be crucial in promoting a more sustainable and environmentally responsible future.