ORIX Corporation, a global financial services group, has announced a significant step towards sustainability with the order placement of two Methanol Dual Fuel KAMSARMAX Bulk Carriers from TSUNEISHI SHIPBUILDING Co., Ltd., and one bulk carrier from Oshima Shipbuilding Co., Ltd. This marks ORIX Group’s first venture into methanol-fueled ships through its consolidated subsidiary, Santoku Senpaku Co., Ltd.
The KAMSARMAX vessels, built at TSUNEISHI GROUP (ZHOUSHAN) SHIPBUILDING INC. and Oshima Shipbuilding’s Koyagi Shipyard, represent the latest in environmentally friendly shipping technology. These dual fuel vessels can operate on both methanol and heavy oil, offering significant environmental benefits. Compared to conventional ships from TSUNEISHI SHIPBUILDING, the methanol-fueled KAMSARMAX is expected to reduce CO2 emissions by approximately 15% and sulfur oxide emissions by about 95%, owing to its improved hull design and other efficiency enhancements.
Currently, methanol production relies on fossil fuels like natural gas. However, future iterations aim to utilize green methanol, produced from renewable hydrogen and CO2, potentially achieving near-zero CO2 emissions during operation. This move aligns with global efforts, particularly the International Maritime Organization’s (IMO) target to achieve net-zero greenhouse gas emissions from international shipping by 2050. The IMO’s interim goal includes increasing the use of zero-emission fuels to 5-10% by 2030, underscoring the rising demand for sustainable shipping solutions.
All three vessels ordered by ORIX and Santoku Senpaku meet the EEDI Phase 3 standards, which mandate a 30% reduction in energy consumption from new ships starting in 2025. This compliance reflects ORIX’s commitment to minimizing environmental impact and promoting sustainable practices in maritime operations.
ORIX’s acquisition of Santoku Senpaku in February 2024 paved the way for this landmark order, positioning ORIX Group to expand its asset management services for third-party ship owners. This strategic move not only enhances ORIX’s capabilities in operating environmentally friendly ships but also contributes significantly to decarbonizing the global maritime industry.
About ORIX Corporation
ORIX Group (ORIX Corporation TSE: 8591; NYSE: IX), established in 1964, has evolved from its origins in leasing in Japan to become a diverse global corporate group. Active in financing, investment, life insurance, banking, and more, ORIX operates in approximately 30 countries with a workforce of about 34,000 people. ORIX is committed to sustainable development through innovative solutions, united by its Purpose: “Finding Paths. Making Impact.
Source ORIX Group