Japanese shipping firm NYK on Thursday (27 December) said it will receive 2 billion yen (USD $18 million) from Taiyo Life Insurance Company as a green loan to exclusively finance the building of its first methanol-fuelled chemical tanker.
A green loan is a loan whose proceeds are used solely for the purpose of funding environment-friendly projects.
The 49,000 dwt newbuilding will be constructed at Hyundai Mipo Dockyard Co. Ltd.; it is scheduled for delivery in 2019.
“All the finance procured from this green loan will be used to build the new methanol-fuelled chemical tanker,” says NYK.
“Its methanol-fuelled main engine will reduce sulphur oxides (SOx) by approximately 99% compared with the use of heavy oil. In fact, the vessel’s entire SOx emissions, including the electrical generator, will fall by about 75% compared with using oils that comply with low-sulphur oil regulations.
“Using methanol as a marine fuel helps meet the International Maritime Organization’s new regulations that cap sulphur content in marine fuels coming into effect in 2020.
“Methanol is a clean-burning fuel that produces less nitrogen oxides (NOx) and particulate matter (PM), enabling more environment-friendly operation by NYK.”
NYK in May became the first company in the global shipping industry to issue labelled green bonds, and they have been used to fund environment-friendly liquefied natural gas (LNG) fuelled vessels and other NYK projects.
Photo credit: NYK
Published: 28 December, 2018
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