Evaluation and financing is provided to IINO Kaiun Kaisha based on “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 ammonia carrier “GAS INNOVATOR” (IMO No. 9958688), which was designed and built based on the basic certification for ammonia-fuel-ready ships and is owned by IINO Kaiun Kaisha, Ltd. (IINO Lines). DBJ provided financing to IINO Lines.

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.

Courtesy of IINO Lines

IINO Lines has for many years been engaged in the transportation of liquefied gases such as LPG, ammonia, and LNG, and in recent years has been focusing on the realization of more environmentally friendly and sustainable transportation, including the development of alternative fuel–powered ships. The ship, built at Hyundai Mipo Dockyard and delivered to IINO Lines in February 2024, is an environmentally friendly ammonia carrier capable of being converted to become ammonia-powered sometime in the future.

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

The ship is designed for conversion to ammonia fuel (ammonia-fuel-ready) to enable zero-emission in the future.

The ship is compliant with the Energy Efficiency Design Index (EEDI)* Phase 3 requirements achieved prior to the enforcement of the regulation and meets the NOx Tier III regulation.

An air seal system is used on the stern tube to prevent the outflow of lubricating oil, and environmental soundness at its recycling is addressed by planning to develop and maintain an Inventory of Hazardous Materials required by the Ship Recycling Convention.

The ship was given an “A” rating as a “ship with high decarbonization, environmentally friendly performance, and innovativeness,” recognizing that adequate environment-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.

*The EEDI regulations require new ships to be evaluated in accordance with the uniform fuel efficiency index and to attain the required level. The required level for each ship type will be tightened incrementally.
Source: ClassNK