ORIX Places Order for Three New, Next-Generation Environmentally Friendly Ships, including Methanol-Fueled Ships

(ORIX) ORIX Corporation (“ORIX”) announced today that it has placed an order for two Methanol Dual Fuel KAMSARMAX Bulk Carriers (“KAMSARMAX”), the latest environmentally friendly ships from TSUNEISHI SHIPBUILDING Co., Ltd., and one bulk carrier from Oshima Shipbuilding Co., Ltd. through its consolidated subsidiary Santoku Senpaku Co., Ltd. TSUNEISHI SHIPBUILDING’s KAMSARMAX will be built at TSUNEISHI GROUP (ZHOUSHAN) SHIPBUILDING INC., and Oshima Shipbuilding’s bulk carrier will be built at its Koyagi Shipyard. This is the first time that ORIX Group has ordered methanol-fueled ships.

The newly ordered KAMSARMAX is a methanol-fueled bulk carrier and a dual fuel vessel*1 that can also use heavy oil. Due to its use of methanol and the improved hull shape, and other factors, the ship will emit approximately 15% less CO2 and reduce emissions of sulfur oxides, an air pollutant, by approximately 95% compared to TSUNEISHI SHIPBUILDING’s conventional ships. Currently, fossil fuels such as natural gas are used to produce methanol. In the future, the use of green methanol*2 made from hydrogen derived from renewable energy and CO2 will make it possible to consider CO2 emissions during operation to be virtually zero.

In 2023, the International Maritime Organization (IMO), a specialized agency of the United Nations, reinforced its greenhouse gas (GHG) emissions reduction targets to “reach net-zero GHG emissions from international shipping by or around, i.e. close to, 2050.” As new efforts are being established toward achieving this goal, such as a new target to increase the use of zero-emission fuels in international shipping to 5-10% by 2030*3, demand for environmentally friendly ships is increasing.
All three ships ordered this time satisfied in advance with EEDI*4 Phase 3 (30% reduction from the standard value) which will be applied to new vessels starting from 2025, and can be expected to lower environmental impact.

ORIX acquired all issued shares*5 of Santoku Senpaku in February 2024. The latest environmentally friendly ships will be the first ships ordered by ORIX and Santoku Senpaku since Santoku Senpaku joined ORIX group.
ORIX and Santoku Senpaku aim to expand their asset management services for ships owned by third parties and contribute to the decarbonization of the entire maritime industry by acquiring expertise on the operation management of environmentally friendly ships, including methanol-fueled ships.

About ORIX Group:
ORIX Group (ORIX Corporation TSE: 8591; NYSE: IX) was established in 1964 and has grown from its roots in leasing in Japan to become a global, diverse, and unique corporate group. Today, it is active around the world in financing and investment, life insurance, banking, asset management, real estate, concession, environment and energy, automobile-related services, industrial/ICT equipment, ships and aircraft. Since expanding outside of Japan in 1971, ORIX Group has grown its business globally and now operates in around 30 countries and regions across the world with approximately 34,000 people. ORIX Group unites globally around its Purpose: “Finding Paths. Making Impact.” combining diverse expertise and innovative thinking to help our world develop in a sustainable way.
For more details, please visit our website: https://www.orix.co.jp/grp/en/ (As of March 31, 2024) READ MORE

Excerpt from Leonhardt & Blumberg: The total order increased to four 49,500dwt Chemical/Product Oil Tankers. The initial two ships were signed in April 2024. The agreement has been facilitated by MB Shipbrokers.

These advanced, environmentally friendly vessels, to be built at GSI shipyard, will measure 183m in length, 32m in width, and 13.3m in scantling draft, with a speed of 14.5 knots. They are designed by GSI, featuring Methanol Dual Fuel readiness, open loop scrubbers, and compliance with Tier III and EEDI Phase 3 standards.

This marks the first cooperation between L&B and CSSC Group on MR newbuildings, strengthening their long-standing relationship. The first vessels will be delivered from January 2027 to L&B. READ MORE