NYK is to use a ‘green loan’ to part fund the newbuilding costs of its first methanol-fueled chemical tanker, which is on order in South Korea.
The 49,000-dwt ship is under construction at Hyundai Mipo Dockyard Co (HMD) and is scheduled to be handed over during 2019.
NYK said it will receive a 10-year JPY 2bn yen ($18m) loan from Taiyo Life Insurance Company.
A green loan is a loan whose proceeds are used solely for the purpose of funding environment-friendly projects.
This green loan has been certified by Japan Credit Rating Agency (JCR) to be aligned with the highest rank of “Green 1” of the green loan principles.
NYK said the new methanol-fueled chemical tanker will reduce sulphur oxides (SOx) by about 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,” it said.
“Using methanol as a marine fuel helps meet the IMOs new regulations that cap sulphur content in marine fuels coming into effect in 2020.”
In May of this year, NYK reportedly became the first company in the global shipping industry to issue labeled green bonds, and they have been used to fund LNG-fueled vessels and other environment-friendly projects.
NYK said it will continue to promote green finance and continue its efforts to keep a wide range of stakeholders involved in the company’s proactive approach to environmental investment as the company makes efforts to “contribute to realizing a sustainable society with technology that lessens environmental burdens”.
