The ship classification society Nippon Kaiji Kyokai (ClassNK) and the Development Bank of Japan (DBJ) have spear an accelerated zero-emission vessel financing program for the maritime industry.
The main objective of the program is to help the maritime industry achieve its decarbonization goals, as strict environmental regulations and carbon pricing are expected to be launched in the industry.
Under the program, ClassNK will rate vessels based on a comprehensive rating model that has been jointly developed with DBJ based on “decarbonization, environmentally friendly performance and innovation”.
DBJ will provide investment and financing for vessels that comply with the guidelines.
The first vessel assessed by ClassNK under the program is owned by Kumiai Navigation and is called Crystal Oasis.
DBJ provided a loan to Kumiai to finance the acquisition of the major dual-fuel liquefied petroleum gas (LPG) LPG carrier.
Singapore-based Kumiai is a Japanese shipowner focusing on dual-fuel LPG carriers to support its decarbonization efforts.
Factors considered in the assessment of the vessel include the fact that the dual-fuel main engine using LPG allows for a significant reduction in sulfur oxide (SOx) and carbon dioxide (CO₂) in the exhaust gases, as well as whether the vessel complies with energy efficiency requirements. Design Index Phase 3 Requirements (EEDI).
Additionally, the deployment of an Exhaust Gas Recirculation (EGR) system and a Selective Catalytic Reduction (SCR) system allows the vessel to meet Tier III Nitrogen Oxides (NOx) regulations.
The vessel is also equipped with various environmental technologies to prevent air and marine pollution which are not yet required by international conventions. It is also awarded ClassNK’s Environmental Awareness (EA) and Advanced Environmental Awareness (a-EA) ratings.