Japanese shipping firm NYK will publicly offer Green Bonds (Unsecured Corporate Bonds No.40) worth 10 billion yen ($93 million) within the Japanese domestic market in May, becoming the world’s first company to issue labelled Green Bonds in global shipping business sector.
A green bond is one in which the proceeds are used solely for the purpose of funding environment-friendly projects, summarises NYK.
Investments are aimed toward mainly new and existing (refinancing) projects indicated in NYK’s “Roadmap for Environmentally Friendly Vessel Technologies”.
Such projects include the development of liquefied natural gas (LNG) fuelled ships, LNG bunkering vessels, ballast water treatment equipment, and SOx (sulphur oxides) scrubber systems.
The bond will have a maturity of five years and be managed by Mitsubishi UFJ Morgan Stanley Securities and Nomura Securities; with the green bond structuring agent being the former.
Moving forward, NYK says it will participate in a shipping industry working group to be established by the Climate Bonds Initiative to formulate an evaluation criterion for Green Bonds issued by shipping companies.
The Climate Bonds Initiative is an international, investor-focused not-for-profit working group formed to mobilise bond markets for climate change solutions.
Photo credit: NYK
Published: 19 April, 2018
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