Asia/Pacific News
NYK Gets Green Loan for Methanol-Fueled Chemical Tanker
In a nod to the environmental benefits of burning methanol bunkers, NYK says it has secured a 2 billion yen ($18 million) "green loan" to finance the building of its first methanol-fueled chemical tanker.
Such loans are reserved for projects deemed to be environmentally friendly.
Lender Taiyo Life Insurance Company will provide the funds to NYK over a 10-year term running from December 27, 2018, to December 27, 2028.
As previously reported, the vessel is one of four 49,000 dwt tankers being built by a group of stakeholders with shared interests in methanol logistics.
Methanol bunkers typically reduce emissions of SOx and particulate matter by more than 95%, and can reduce NOx emissions by as much as 60%, making it attractive for meeting IMO2020 and future emissions rules many foresee will be introduced in the coming years.
And while the common steam reforming process used in methanol production puts its GHG footprint on par with diesel, plants already exist that can reduce CO2 emissions by as much as 90%, meaning it has potential to play a part in helping to meet IMO2030 and IMO2050 GHG goals.
