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Decarbonisation

Singapore: DNV and OCBC tackle sustainable maritime financing for greener future

Both explored OCBC’s perspective as financiers and shared invaluable insights into how financiers can play a pivotal role in fostering a sustainable future for the maritime industry.

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OCBC Financing A Greener Maritime Future

Continuing its Singapore Decarbonization Insights series, classification society DNV recently delved into the critical role of sustainable financing in driving the maritime industry’s transition to a greener future in the third episode of the series.

With the maritime industry undergoing a significant transformation as it navigates the complex waters of sustainability, the transition to greener practices is not only a regulatory necessity but also an economic imperative.

In this session, Dr Shahrin Osman, the Director of DNV’s Maritime Decarbonization and Smart Shipping Centre of Excellence (Asia Pacific) discusses this topic with Vanessa Chow, Associate Director of OCBC’s Sustainability Office for Global Wholesale Banking, and Lars Holterud, Head of DNV Maritime Advisory of South East Asia, Pacific and India.

OCBC has been at the forefront of sustainable maritime financing, reporting in alignment with the Poseidon Principles (PP) since 2021, with support from DNV.

Their commitment to sustainability is evident through their impressive PP climate alignment of -2.7% based on the IMO 2018 strategy, compared to the average of +2% among PP signatories and +11.2% for the IMO 2023 strategy, compared to the PP signatories’ average of +27.2%.

These figures reflect OCBC’s continued efforts to support customers in decarbonizing their operations through green and transition loans as well as sustainability-linked financing that incentivizes emission reductions. DNV has also supported the bank in some of its sustainable finance transactions, providing OCBC’s maritime clients with Second Party Opinions as well as annual validation for sustainability-linked loans.

However, the journey to net zero remains challenging, as developing commercially viable low-carbon alternatives for the sector will take time.

In this episode, the trio explored OCBC’s perspective as financiers and shared invaluable insights into how financiers can play a pivotal role in fostering a sustainable future for the maritime industry.

By understanding the challenges and opportunities, financial institutions can develop strategies that not only comply with regulatory requirements but also drive economic growth and environmental stewardship.

This perspective, enriched by OCBC’s experience and network of industry partners, is crucial for stakeholders across the maritime sector, from shipping companies to policymakers, as they collaborate to achieve a greener and more sustainable maritime future.

Watch a trailer of the third episode of DNV’s Decarbonization Insights featuring OCBC on DNV’s official YouTube Channel here while the full episode will be released on 6 November here

Manifold Times has also covered the first two episodes of DNV’s Decarbonization Insights as well. The following are the articles on them:

Related: Championing environmental stewardship: DNV partners Anglo American for vessel electrification feasibility study
Related: Singapore: DNV partners with homegrown SME Tru-Marine in drawing up ESG roadmap

 

Photo credit: DNV
Published: 1 November, 2024

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LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

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PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions. 

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post. 

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024. 

 

Photo credit: Pacific International Lines
Published: 21 July, 2026

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LNG Bunkering

CIMC SOE secures order for 12,000-cbm LNG bunkering vessel from Sinopec Clean Energy

Once operational, the vessel is expected to strengthen Sinopec’s domestic coastal LNG bunkering network and help address gaps in China’s alternative fuel bunkering infrastructure.

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CIMC SOE secures order for 12,000-cbm LNG bunkering vessel from Sinopec Clean Energy

China’s Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. (CIMC SOE) recently signed a contract with Sinopec (Beijing) Clean Energy Co., Ltd. to build a 12,000-cubic metre (m3) LNG bunkering vessel, according to Chinese maritime media.

The vessel is scheduled for delivery in 2028 and will support Sinopec’s efforts to expand its presence in the marine clean energy sector.

Once operational, the vessel is expected to strengthen Sinopec’s domestic coastal LNG bunkering network and help address gaps in China’s LNG bunkering infrastructure.

With this signing , CIMC Pacific Offshore Engineering’s LNG bunkering vessel orderbook is further strengthened, maintaining its leading position in the global market for small and medium-sized LNG bunkering vessels.

The contract also marked another milestone for CIMC SOE, which has seen a sharp increase in orders and business performance this year amid a surge in domestic LNG vessel demand.

 

Photo credit: Nantong CIMC Sinopacific Offshore & Engineering
Published: 21 July, 2026

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Nuclear

ABS awards AiP to Korean institute for SMR-powered container ship concept design

KRISO says AiP recognises the technical feasibility and safety of its concept design, marking an important milestone toward the development of next-generation nuclear-powered commercial ships.

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ABS awards AiP to Korean institute for SMR-powered container ship concept design

Korea Research Institute of Ships & Ocean Engineering (KRISO) on Thursday (16 July) received Approval in Principle (AiP) from the American Bureau of Shipping (ABS) for its concept design of a 15,000 TEU Small Modular Reactor (SMR)-powered container ship utilising Molten Salt Reactor (MSR) technology.

KRISO said the AiP recognises the technical feasibility and safety of its concept design, marking an important milestone toward the development of next-generation nuclear-powered commercial ships.

“This achievement demonstrates international recognition of KRISO’s technological capabilities in the rapidly evolving field of nuclear-powered shipping, supporting the transition toward low-carbon maritime transport,” it said. 

Building on this milestone, KRISO will continue advancing basic and detailed ship design, paving the way for future demonstration and commercialisation of SMR-powered vessels. 

Through continued R&D and international collaboration, KRISO remains committed to strengthening next-generation maritime technologies and contributing to the safe deployment of nuclear propulsion in the maritime industry.

 

Photo credit: Korea Research Institute of Ships & Ocean Engineering
Published: 21 July, 2026

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