Aramo Shipping (Singapore), a group company of Japanese shipping major Mitsui O.S.K. Lines (MOL), has taken delivery of a liquefied petroleum gas (LPG) dual-fuel LPG/ammonia carrier from compatriot shipyard Namura Shipbuilding.
As informed, the LPG/ammonia carrier Aquamarine Progress II has a length of 230 meters, a breadth of 36.6 meters, and a cargo tank capacity of 87,119 cbm.
The ship will sail under a time charter contract with GYXIS Corporation, a Japanese LPG importer and distributor.
The dual-fuel unit can run on either LPG or conventional heavy oil. According to MOL, when LPG is used as fuel, CO 2 emissions could be reduced by about 20% and sulfur oxides (SOx,) particulate matter (PM) by 90%, compared to heavy oil.
In addition, the vessel’s specifications allow for the transport of ammonia as well as LPG. Ammonia, which emits no carbon dioxide during combustion, is expected to increase in demand in the future as a next-generation clean energy source.
The naming ceremony for the vessel was held on March 12, 2024, at the Imari Works of Namura Shipbuilding. Along with GYXIS, MOL expects to further contribute to the stable supply of LPG to Japan through the operation of the Aquamarine Progress II.
MOL Group has set the target of achieving net zero greenhouse gas (GHG) emissions by 2050. The company recently decided to raise funds through a syndicated transition-linked loan using the performance-based interest subsidy system based on Japan’s Act on Strengthening Industrial Competitiveness.
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MOL obtains another transition-linked loan
The subsidy system is part of the financial support program to promote transitions towards carbon neutrality under the jurisdiction of Japan’s Ministry of Economy.
The Minister of Land, Infrastructure, Transport and Tourism approved MOL’s business adaptation plan on March 28. MOL is the first Japanese shipping company to make use of this system.