NYK nets green loan for methanol-fueled tanker

Taiyo Life Insurance Co. is funding the project that is part of the shipping line’s medium-term management plan.

NYK nets green loan for methanol-fueled tanker

Taiyo Life Insurance Co. is funding the project that is part of the shipping line’s medium-term management plan.

NYK nets green loan for methanol-fueled tanker

Taiyo Life Insurance Co. is funding the project that is part of the shipping line’s medium-term management plan.

 
   NYK said Thursday it will receive 2 billion yen from Taiyo Life Insurance Co. as a green loan to finance the construction of its first methanol-fueled chemical tanker.
   Construction of the tanker is part of NYK’s medium-term management plan, “Staying Ahead 2022 with Digitalization and Green.”
   NYK said that in May it became the first company in the global shipping industry to issue labeled green bonds, which have been used to fund environmentally friendly LNG-fueled vessels and other projects. The 2 billion yen secured from Taiyo Life Insurance Co. will be used exclusively to build the new methanol-fueled chemical tanker.
   NYK said the methanol-fueled main engine will reduce sulphur oxides by about 99 percent when compared with the use of heavy oil. The vessel’s entire SOx emissions, including the electrical generator, will fall by about 75 percent compared with using oils that comply with low-sulphur oil regulations, according to NYK.
   Using methanol as a marine fuel helps meet the International Maritime Organization’s new regulations that cap sulphur content in marine fuels coming into effect in 2020, according to NYK, which said methanol is a clean-burning fuel that produces less nitrogen oxides and particulate matter, enabling more environmentally friendly operations.
We believe that the [container] industry’s supply-demand balance will benefit from a reduced appetite for ultra-large container vessels among the major carriers, some of which now have their eyes fixed on a bigger prize of becoming global logistics integrators.

Spot container rates from Shanghai to the U.S. West Coast totaled $1,345 per FEU as of March 15, while rates from Shanghai to the U.S. East Coast stood at $2,357 per FEU, with rates on both trades falling each week since the Jan. 18 reading, according to data from the Shanghai Containerized Freight Index.

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NYK nets green loan for methanol-fueled tanker

Taiyo Life Insurance Co. is funding the project that is part of the shipping line’s medium-term management plan.

Dec 27, 2018 on Dec 27, 2018AmericanShipper.com

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NYK nets green loan for methanol-fueled tanker

Taiyo Life Insurance Co. is funding the project that is part of the shipping line’s medium-term management plan.

Dec 27, 2018 on Dec 27, 2018AmericanShipper.com