Italian logistics company Grimaldi Group has agreed a €30mn Sace-guaranteed loan with European Investment Bank (EIB) to purchase a cargo ship.

Sace is covering the full amount of the loan.

The Eurocargo Livorno ship will carry up to 4,000 metres of rolling cargo, including cars, vans and trucks, and is part of the ‘motorways of the sea’ project promoted by the European Commission and supported by the EIB. Grimaldi Group will use the vessel for shipments throughout the Mediterranean, Sace says in a statement.

The ‘motorways of the sea’ project aims to use ships to carry cargo on short-haul journeys, and in turn will relieve congestion on Europe’s main roads while significantly reducing environmental damage.

Korean ship builder Hyundai Mipo constructed the Eurocargo ship, which was delivered to the Grimaldi Group on June 28.