DBJ, ClassNK Grant First Funding Under New Zero-Emission Ship Finance Program

by Ship & Bunker News Team
Monday September 19, 2022

Development Bank of Japan Inc. (DBJ) has provided its first funding under a new zero emission ship financing program it has established with class society ClassNK.

Under the so-called "Zero-Emission Accelerating Ship Finance (Program)" ClassNK evaluates ships based on three criteria: decarbonization, environmentally friendly performance, and innovativeness, while DBJ provides investment and financing to qualifying projects.

As the first project under the Program, ClassNK evaluated the LPG dual-fueled large LPG carrier, Crystal Oasis owned by Kumiai Navigation's Singapore subsidiary Kumiai Navigation (Pte) Ltd, while DBJ provided a loan to Kumiai to finance its acquisition of the vessel.

A dual-fuel main engine using LPG, the installation of an exhaust gas recirculation (EGR) system and a selective catalytic reduction (SCR) system, along with various unspecified environmental technologies that had gained it ClassNK’s "Environmental Awareness (EA)" and "Advanced Environmental Awareness (a-EA)" notations, was enough for Crystal Oasis to receive the highest rank in the Program.

While the amount of financing provided under the program was not revealed, VesselsValue assesses the 2022 built Crystal Oasis to have a newbuild value of around $90 million.