The Development Bank of Japan (DBJ) and ClassNK have jointly established the ‘Zero-Emission Accelerating Ship Finance Programme’ to support the maritime industry’s transition toward decarbonisation.
As tightened environmental regulations and the future introduction of carbon pricing are expected in the maritime industry, DBJ and ClassNK have anticipated an increasing need for a system to reasonably evaluate the asset value of environmentally friendly ships and to combine them with investment and financing, and brought together each knowledge and expertise. Under the programme, ClassNK evaluates ships based on a comprehensive scoring model jointly developed by DBJ from the perspective of decarbonisation, environmentally friendly performance, and innovation, and DBJ provides investment and financing.
As the first project under the Programme, ClassNK evaluated the LPG dual-fuelled large LPG carrier, the 84,000m3 Crystal Oasis (IMO No. 9915806) owned by Kumiai Navigation, and DBJ provided a loan to Kumiai to finance its acquisition. Kumiai is a Japanese shipowner based in Singapore and has been taking progressive steps toward the transition to decarbonisation, such as placing orders for LPG dual-fuel LPG carriers ahead of other industry players. The ship is an LPG dual-fuelled large LPG carrier built at Sakaide Works of Kawasaki Heavy Industries, and delivered to Kumiai in June 2022.
In evaluating the ship, the following factors were taken into account:
- The dual-fuel main engine using LPG has realised a significant reduction of SOx and CO2 in the exhaust gas, and the ship has been certified to be compliant with EEDI Phase 3 requirements achieved prior to the enforcement of the regulation;
- The installation of an exhaust gas recirculation (EGR) system and a selective catalytic reduction (SCR) system has enabled the ship to meet the NOx Tier III regulation; and
- In further consideration of the prevention of air and marine pollution, the ship is equipped with various environmental technologies not mandated by international conventions, and is assigned ClassNK’s ‘Environmental Awareness (EA)’ and ‘Advanced Environmental Awareness (a-EA)’ notations, provided to ships implementing special and advanced environmental measures.
The ship was given the ‘S’ rating, the highest rank in the Programme, recognising particularly high decarbonisation, environmentally friendly performance and innovation, showing that adequate environment-related investments have been made.
Through the expansion of the Programme, DBJ and ClassNK will support shipping companies’ efforts to contribute to the transition toward decarbonisation and work together to accelerate the transition toward decarbonization in the entire maritime industry.