Evaluation And Financing Provided To Fukuoka Shipbuilding Based On “Zero-emission Accelerating Ship Finance”

Under “Zero-Emission Accelerating Ship Finance (Program)” jointly operated by Development Bank of Japan Inc. (DBJ) and ClassNK, ClassNK evaluated the LNG dual-fueled chemical tanker, “FAIRCHEM PIONEER” (IMO No. 9965552) jointly developed by Fukuoka Shipbuilding Co., Ltd.(Fukuoka Shipbuilding) and Fairfield Japan Ltd. (FJL), currently under construction at Fukuoka Shipbuilding, and is going to be chartered to FJL. DBJ provided financing to Fukuoka Shipbuilding.

Credit: ClassNK

Under the Program, ClassNK evaluates ships based on a comprehensive scoring model jointly developed by DBJ from the perspective of “decarbonization, environmentally friendly performance, and innovativeness,” and DBJ provides investment and financing.

Fukuoka Shipbuilding, which has shipbuilding yards in Fukuoka City and Nagasaki City, is a shipbuilding company with strength in building chemical tankers.

FJL, the Japanese subsidiary of Fairfield Chemical Carriers Inc., a U.S. operator specializing in chemical tankers, has been working advanced initiatives to decarbonize its operations, including joint development of the ship with Fukuoka Shipbuilding.

The ship, being built at Fukuoka Shipbuilding’s Nagasaki Yard and set to be delivered to FJL, will be the first LNG dual-fueled chemical tanker in Japan.

In evaluating the ship, the following factors were taken into account:

(1) The LNG dual-fueled engine enables a significant reduction of carbon dioxide (CO2), and the ship is expected to compliant with the Energy Efficiency Design Index (EEDI)* Phase 3 requirements achieved prior to the enforcement of the regulation;

(2) Use of LNG fuels enables a reduction of nitrogen oxide (NOx), sulfur oxide (SOx), and particulate matter (PM) and meets the NOx Tier III regulation and the SOx regulation;

(3) Environmental soundness at its recycling is addressed by planning to develop and maintain an Inventory of Hazardous Materials required by the Ship Recycling Convention.

The ship was given with “A” rating as “the ship with high decarbonization, environmentally friendly performance, and innovativeness”, recognizing that adequate environment-related investments have been made.

Through the expansion of the Program, DBJ and ClassNK will support shipping and shipbuilding companies’ efforts to contribute to the transition toward decarbonization and work together to accelerate the transition toward decarbonization in the entire maritime industry.

* The EEDI regulations require new ships to be evaluated in accordance with the uniform fuel efficiency index and to attain the required level. The required level for each ship type will be tightened incrementally.

Reference: Class NK

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