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NYK gets $18m loan to build methanol-fuelled chemical tanker

Japan’s NYK has received a JPY2bn ($18m) loan from Taiyo Life Insurance Company to exclusively finance the construction of its first methanol-fuelled chemical tanker.

The loan period is for 10 years starting 27 December 2018.

The 49,000-dwt newbuild chemical tanker will be constructed at Hyundai Mipo Dockyard with delivery scheduled for 2019.

“Its methanol-fuelled main engine will reduce sulphur oxides (SOx) by approximately 99% compared with the use of heavy oil. In fact, the vessel’s entire SOx emissions, including the electrical generator, will fall by about 75% compared with using oils that comply with low-sulphur oil regulations,” NYK stated.

Read more: Methanol – an economic alternative marine fuel of the future?

“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. Methanol is a clean-burning fuel that produces less nitrogen oxides (NOx) and particulate matter (PM), enabling more environment-friendly operation by NYK.”

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