Kumiai Navigation Secures Zero-Emission Accelerating Ship Finance

Under Zero-Emission Accelerating Ship Finance (‘the Program’), which is jointly operated by Development Bank of Japan Inc. (DBJ) and ClassNK, ClassNK evaluated the LPG dual-fuel LPG/ammonia carrier ‘CRYSTAL ODYSSEY’ (IMO 9997177), which is owned by Kumiai Navigation (Pte) Ltd (Kumiai Navigation). DBJ provided financing to Kumiai Navigation.
 
In the shipping industry, where environmental regulations are becoming stricter as the industry moves towards decarbonization, ClassNK evaluates ships based on a comprehensive scoring model jointly developed with DBJ from the perspective of ‘decarbonization, environmentally friendly performance, and innovativeness,’ and DBJ provides investment and financing. The project supports initiatives that contribute to the transition to decarbonization from both IR and financial perspectives.
 
Kumiai Navigation is a Japanese shipowner based in Singapore and has been taking progressive steps toward the transition to decarbonization, such as placing orders for LPG dual-fueled LPG carriers ahead of other industry players. The ship is a state-of-the-art LPG dual-fueled large LPG carrier built at Sakaide Works of Kawasaki Heavy Industries, Ltd. and delivered to Kumiai Navigation in June 2025.

The following points were highly evaluated in this assessment of the vessel: 

1. The use of LPG fuel is expected to reduce carbon dioxide (CO2) emissions by approximately 15% compared to the use of conventional fuel oil.
2. The vessel is designed and partially equipped to use ammonia fuel in the future as an ‘ammonia-fuel-ready ship.’
3. The installation of an exhaust gas recirculation (EGR) system and a selective catalytic reduction (SCR) system allows the vessel to comply with the International Maritime Organization (IMO)’s Tier III NOx regulations.
4. The use of LPG fuel enables compliance with the IMO’s SOx regulations, particularly the 0.1% limit in emission control areas (ECAs).

As a result, the vessel received a ‘S’ rating, the highest rank in the Program, recognizing it as a ship with ‘exceptionally high decarbonization, environmental consideration, and advanced performance’, acknowledging that significant environmental-related investments have been made.

Through the expansion of the Program, DBJ and ClassNK will support shipping and shipbuilding companies’ efforts to contribute to the transition toward decarbonization and work together to accelerate the transition toward decarbonization in the entire maritime industry.

(Courtesy of Kumiai Navigation)