Mitsui OSK Lines has sealed more green financing to fund another new VLCC in China.
The Japanese shipowner said it has arranged a transition-linked loan for an unspecified amount with Sumitomo Mitsui Trust Bank.
The cash will go towards the construction of an LNG dual-fuel VLCC being built at Dalian Cosco KHI Ship Engineering.
The yard is owned by Kawasaki Heavy Industries and China Cosco Shipping.
Two 309,000-dwt VLCCs were ordered there by MOL in 2022 and two more last year for delivery in 2025 and 2026.
Brokers believe the shipowner is paying about $130m per ship.
This is the group’s sixth financing package based on the sustainable finance framework set up in January.
MOL has been contacted for further details.
The company said it is “steadily pursuing environmental strategy initiatives”.
Six newbuildings funded in January
Six newbuildings were financed in total under the January deal.
Loans will go towards two LNG dual-fuel ferries, a bulk carrier equipped with MOL’s Wind Challenger sail, one LNG dual-fuel pure car/truck carrier, an LNG dual-fuel VLCC and a VLGC.
Transition-linked loans take into account greenhouse gas reduction targets that MOL has set in advance when determining loan conditions, including the interest rate.
MOL said its environmental strategy is key to the company.
“The group is committed to solving environmental issues through co-creation with its stakeholders as it aims to achieve net zero emissions by 2050,” it said.
“The group will utilise this framework to implement sustainable finance flexibly and continuously.”
