Maritime Partners completes hydrogen ferry refinancing, enters ferry sector

American maritime financing provider Maritime Partners, has completed a sale-leaseback refinancing of the hydrogen-powered passenger ferry Sea Change, which was developed by SWITCH Maritime. The transaction marks Maritime Partners’ entry into the ferry sector.

The 75-passenger Sea Change began commercial operation in San Francisco Bay in 2024. The refinancing is the first deal in a partnership between the two companies focused on renewing the aging US ferry fleet with vessels that have zero [local] emissions, the companies said.

Pace Ralli, CEO of SWITCH Maritime, stated that the proceeds from the deal will be used to complete engineering and support the company's next build cycle. SWITCH is developing 150- and 300-passenger catamaran fast ferry designs, as well as a larger RoPax ferry design, to replace diesel vessels in major US markets.

Dave Lee, Maritime Partners' VP of Technology and Innovation, added that the partnership demonstrates an expansion into a transportation segment that requires capital for fleet renewal.

Exact financial details regarding the transaction were not disclosed.