ORIX Corporation (ORIX) has announced an exciting new development in its ongoing sustainability efforts. The company will conduct a sea trial using biofuels aboard an ORIX-owned vessel that is currently chartered by Dampskibsselskabet NORDEN A/S. This marks the first time ORIX will utilize biofuels in its owned vessel operations.
The biofuels being tested are advanced biofuels made from used cooking oils, which offer a significant reduction in greenhouse gas emissions when compared to traditional fossil fuels. This is due to the feedstock’s origin—plants that absorb atmospheric CO2 as they grow. By using these biofuels, ORIX aims to minimize the carbon footprint of marine transportation without the need for major modifications to existing vessels. This biofuel blend, which combines conventional heavy fuel oil with biofuels derived from waste cooking oils, is expected to reduce CO2 emissions by approximately 15-20% during the trial.
The sea trial aims to evaluate the safe operation of the vessel’s machinery and assess the effectiveness of this fuel blend in reducing emissions. The success of this trial could be a significant step forward in proving that biofuels are a viable solution for reducing the environmental impact of marine operations, particularly for existing vessels.
ORIX’s commitment to sustainability is a core part of its broader Environmental, Social, and Governance (ESG) goals. The company has set ambitious targets for reducing GHG emissions and has already undertaken several initiatives to promote eco-friendly ship operations. These include a feasibility study on utilizing wind power for energy-saving ship operations and the recent ordering of methanol-fueled vessels, which are part of ORIX’s strategy to decarbonize its fleet.
In the coming years, ORIX plans to continue leveraging its expertise in the maritime sector to push for more sustainable practices. The company will focus on further innovations that contribute to the decarbonization of marine transportation, helping the industry reduce its environmental impact.
As part of its global operations, ORIX continues to integrate sustainability into its broader business model, which spans across various industries, including financing, real estate, environment, and energy.
About NORDEN
NORDEN is a renowned global provider of ocean-based freight services for bulk and project cargo. With a long history dating back to 1871, NORDEN integrates freight solutions with port logistics to optimize and decarbonize supply chains for its customers. Headquartered in Denmark and listed on Nasdaq Copenhagen, NORDEN operates across 6 continents with 18 offices worldwide, contributing to the global trade industry.
About ORIX Group
Established in 1964, ORIX Corporation has grown from its origins in leasing in Japan to become a global corporate group. Today, ORIX operates in around 30 countries and regions worldwide, offering services in financing, investment, asset management, energy, and more. With over 34,000 employees, the company is committed to sustainable growth and environmental responsibility. ORIX’s motto, “Finding Paths. Making Impact.”, reflects its dedication to driving positive change across industries
Source ORIX Corporation