Japan's MOL secures loan for two LNG-fuelled ferries
Mitsui OSK Lines (MOL) has secured a transition loan for two LNG-fuelled ferries: the Sunflower Kurenai and the Sunflower Murasaki.
The Development Bank of Japan and Sumitomo Mitsui Trust Bank served as the arrangers and Sumitomo Mitsui Banking Corporation was the co-arranger. On top of the three banks, the loan was jointly provided by 10 local financial institutions.
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The two vessels are Japan's first LNG-fuelled ferries, which will be operated on the Osaka-Beppu route by MOL Group company Ferry Sunflower, and will be launched in succession from the end of 2022 to early 2023.
LNG, which will be used as fuel on the ferries, is expected to reduce the vessels' emissions of CO2 by more than 20%, SOx by 100%, and NOx by about 85% compared to conventional fuel oil vessels, MOL said.
The MOL is looking at achieving net-zero greenhouse gas emissions by 2050. It plans to launch about 90 LNG-fuelled vessels by 2030.