Nippon Yusen Kaisha (NYK) Line - Experts & Thought Leaders

ABS issued an approval in principle (AIP) to pioneering Japanese companies at Gastech 2024 for two liquid carbon dioxide (LCO2) carrier designs with Type-C cargo tanks that do not require performing post-weld-heat-treatment based on the demonstration of an engineering critical assessment (ECA). ABS reviewed the drawings based on class and statutory requirements for the two designs, a 50K cubic metre carrier and a 23K cubic metre carrier, featuring Type-C cylindrical tanks made of carbon manganese steel that stows the liquefied CO2 with low-temperature and low-pressure. LCO2 critical characteristics This AIP is the result of extensive cooperation within a joint development project on the detailed design development, considering LCO2 critical characteristics. The project team included Mitsubishi Shipbuilding Co., Ltd.; Nihon Shipyard Co., Ltd.; Kawasaki Kisen Kaisha, Ltd.; Mitsui O.S.K. Lines, Ltd.; Nippon Yusen Kabushiki Kaisha; Mitsui & Co., Ltd.; and Mitsubishi Corporation. Decarbonisation and sustainability solutions “The safe transportation of CO2 plays a vital role in the carbon value chain, and ABS is proud to use our expertise as the world’s pioneering classification society for gas carriers to support this sector of the global energy transition,” said John McDonald, ABS President and COO. ABS is the world’s premier classification society for gas carriers with more than 50 years of experience, and ABS is pioneering the maritime industry in comprehensive decarbonisation and sustainability solutions.

Watson Farley & Williams (WFW) advised an Asian financial institution as arranger, agent, security agent, and lender on a US$201.85 million sustainability-linked Japanese Operating Lease with Call Option (JOLCO) with Ocean Network Express Pte. Ltd. (ONE) as lessee and Financial Partners Group Co., Ltd. (FPG) as equity provider for two portfolios of container boxes comprising dry container boxes and reefer container boxes. Global container shipping company Singapore headquartered ONE is a global container shipping company with an extensive liner network service active in 100+ countries. It is jointly owned by Japanese shipping lines Nippon Yusen Kaisha, Mitsui O.S.K. Lines, and Kawasaki Kisen Kaisha (K Line). FPG is a Japanese company listed on the prime market of the Tokyo Stock Exchange and a JOLCO arranger in the maritime and aviation sectors. JOLCO structure The cross-border WFW Assets & Structured Finance team that advised on the deal was led by Hong Kong/Singapore Partner, Madeline Leong, supported by Singapore Associate, Andy Wilson and Trainee, Kate Clancy. Madeline Leong commented, "We’re delighted to have advised our client on this container box financing with a JOLCO structure. Being instructed on this matter showcases once again WFW’s expertise and experience advising on JOLCO and shipping transactions."

ClassNK has classed the ammonia-fueled tugboat ‘Sakigake’ completed by Nippon Yusen Kabushiki Kaisha (NYK Line) and IHI Power Systems Co., Ltd. as an ammonia-fueled vessel. This is the world's first ammonia-fueled vessel for commercial use (as of August 23, 2024, according to research by NYK). The NYK Group company Shin-Nippon Kaiyosha will employ the vessel in tugboat operations in Tokyo Bay over a three-month demonstration period. Ammonia-fueled engines This vessel was a Green Innovation Fund Project initiated in October 2021 under Japan’s New Energy and Industrial Technology Development Organisation (NEDO) to develop vessels equipped with domestically produced ammonia-fueled engines. ClassNK is involved in the vessel safety assessment as a partner organisation for this project. LNG-fueled tugboat The main engine, etc., were replaced with ammonia-fueled ones, and sea trials were conducted The predecessor, the LNG-fueled tugboat of the same name, was completed in August 2015 as the first LNG-fueled vessel in Japan. After eight years of tug service in Tokyo Bay, the vessel was docked at the NYK Group's Keihin Dock Co. Ltd. for conversion to an ammonia-fueled vessel. The main engine, etc., were replaced with ammonia-fueled ones, and sea trials were conducted using ammonia as fuel. Transition to zero-emission As part of the ‘ClassNK Transition Support Services’ that comprehensively supports our customers' smooth transition to zero-emission, ClassNK will continue to support the introduction of alternative-fueled vessels through contributions such as issuance of safety requirements and guidance for design, and safety assessment.