A.P. Moller-Maersk A/S, the world’s biggest container-shipping company, has issued its first ever green bond in a sale that drew more interest than any other in Europe’s credit market this week.

The deal represents a milestone for an industry that still relies heavily on fossil fuels for its business. Copenhagen-based Maersk raised 500 million euros ($566 million) at a record-low coupon of 0.75%, it said on Friday. It’s the first time since 2018 that the company has turned to the euro market for debt financing.

Maersk has made clear it wants to move faster than competitors in decarbonizing its business, as investors start to shift capital away from climate laggards. The company plans to spend the proceeds of Friday’s bond sale on a small feeder vessel and eight large methanol-fueled ships ordered earlier this year.

Niclas Erlandson, Maersk’s head of Treasury and Risk, said future green deals will gradually help wean the company off fossil fuels. “We have an ambition to continue to expand our green bond portfolio,” he told Bloomberg. The company plans to “assess each individual issuance on a case by case basis,” he also said.

Chief Executive Officer Soren Skou said this month that Maersk will probably be able to achieve carbon neutrality earlier than its current 2050 target. He plans to update shareholders on a new emissions timeline in March.

Maersk currently consumes about 12 million tons of marine oil per year, which is roughly equal to all the oil produced in the world in a single day. Skou says the shipping industry should be able to manage a transition over to vessels that run on methanol or amonia rather than on hydrocarbons, a switch estimated to add 10-12% to transport costs.

Maersk’s green bond framework was given a “medium green shading,” and a governance score of “excellent,” by Cicero Green, the company said.

Chief Financial Officer Patrick Jany told Bloomberg in May that Maersk may make green finance the foundation of its debt program going forward. He also noted that Maersk’s cash flow means it doesn’t need the money. Net income in 2021 is set to reach about $17 billion, according to analyst estimates, which is almost five times more than it booked in 2020.

“There’s not a need to raise new debt,” Erlandson said. “The timing of the issuance is related to the investments we are doing in our decarbonization journey, which is a reflection of the company’s strategy for the future, rather than current market conditions.”