BOV supporting climate alignment in the shipping industry

Last Updated on Tuesday, 23 January, 2024 at 11:32 am by Andre Camilleri

“As a partner of the Malta Maritime Forum since its inception, Bank of Valletta’s relationship with the shipping industry has been vital for the operation of international trade and commerce, which is so important for Malta due to its insularity”. This was stated by Kenneth Farrugia, CEO at Bank of Valletta during the recently held Malta Maritime Forum progress meeting.

“At BOV we recognise the long tradition of maritime services in Malta and seek to play our part by using our expertise to assist our clients to succeed in their shipping related businesses. Our blend of knowledge, skills and expertise allows us to provide tailor-made financing solutions, designed to protect the interest of our customers and create value that drives them to success’.

BOV is increasingly looking at ways to finance more sustainable and environmentally friendly shipping practices, such as low-emission vessels, retrofitting projects and supporting the development of new technologies.”

Kenneth Farrugia continued by saying, “We are currently embarking on a multi-year program of initiatives aimed at reducing greenhouse gases. As a leading financial institution, we continue to be actively involved in supporting the transition to a net-zero sustainable future and look forward to supporting our clients with innovative financing products focused on the reduction of emissions’.

In a brief address, Malta Maritime Forum Chairman, Godwin Xerri said that the Malta Maritime Forum represented one of the mainstays of the Maltese economy and was proud to collaborate with one of the main players in the island’s economy – Bank of Valletta. “The Forum actively leverages the support and expertise made available through our cooperation with the Bank to strengthen the availability of maritime-related data and statistics at the local level as well as to increase the exposure of maritime services offered by Malta-based companies abroad. Through the sharing of knowledge and best practice, the Forum looks forward to consolidating relations between the Bank and maritime operators thereby ensuring due recognition for their valuable contribution to Malta’s economy.”

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