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<p>This study investigates how ESG-linked debt structures and green finance developments are reflected in maritime debt financings. Using a manually collected dataset of 1,470 debt transactions by 564 shipping companies between January 1998 and August 2024, we compare ESG-linked and conventional instruments. Qualitative content analysis of transaction descriptions shows an emphasis on sustainability-related terminology, particularly references to sustainability, ESG, green, and environmental factors, concentrated in ESG-labelled deals. Quantitative analysis indicates no statistically significant differences in loan amounts or maturities, suggesting that ESG-labelled instruments largely retain the structural features of traditional debt products. Nonetheless, ESG-linked financings are associated with lower interest or coupon rates, consistent with lenders rewarding credible sustainability commitments. Despite their growing visibility, ESG-linked instruments remain a minority of maritime financings, while conventional structures dominate. These findings have important managerial and academic implications, which are discussed herein.</p>

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Green finance and ESG-linked maritime debt: evidence from transaction-level data

  • 期刊论文

  • 发表日期：

    2026年3月16日

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  • Christos Sigalas,
  • Kelly Gerakoudi

摘要

This study investigates how ESG-linked debt structures and green finance developments are reflected in maritime debt financings. Using a manually collected dataset of 1,470 debt transactions by 564 shipping companies between January 1998 and August 2024, we compare ESG-linked and conventional instruments. Qualitative content analysis of transaction descriptions shows an emphasis on sustainability-related terminology, particularly references to sustainability, ESG, green, and environmental factors, concentrated in ESG-labelled deals. Quantitative analysis indicates no statistically significant differences in loan amounts or maturities, suggesting that ESG-labelled instruments largely retain the structural features of traditional debt products. Nonetheless, ESG-linked financings are associated with lower interest or coupon rates, consistent with lenders rewarding credible sustainability commitments. Despite their growing visibility, ESG-linked instruments remain a minority of maritime financings, while conventional structures dominate. These findings have important managerial and academic implications, which are discussed herein.