Japanese shipping giant NYK is raising cash to help its decarbonisation efforts through a new bond sale.
The company said it will sell its second series of energy transition-targetted paper in the domestic market in July, following a debut deal two years ago.
The five-year notes will be worth up to JPY 200bn ($1.4bn).
NYK said: “Securing various funding resources for decarbonisation solutions will help NYK to accelerate its greenhouse gas emission reduction.”
Proceeds will go towards new and existing projects for its “vessel fuel conversion scenario towards 2050”, the owner added.
This will include LNG-fuelled and LPG-fuelled ships, NYK said.
The shipowner also said it has won a new offshore wind farm deal from Japan’s New Energy and Industrial Technology Development Organization (NEDO).
The owner is part of a consortium of four companies selected to develop technologies and new cable-laying vessels for multi-purpose and multi-terminal offshore sites.
The idea is to transmit wind-power-generated electricity from suitable locations such as Hokkaido to areas in high demand for electricity.
Unique conditions in Japan
Vessels are needed designed specifically for sea and weather conditions unique to Japan, the company said.
Cables will need to be laid on bedrock where they cannot be buried, according to previous surveys carried out by NEDO.
There is a budget of about JPY 1bn for the project, lasting up until 2025.
The other companies involved are Sumitomo Electric Industries, Furukawa Electric and rival Japanese shipowner Mitsui OSK Lines (MOL).
