Tokyo-based financial services company ORIX Corporation has decided to conduct a sea trial using biofuel on its owned vessel which is currently chartered by Danish shipping company Norden.
The trial will the first time for ORIX to use biofuels on the owned vessel, specifically a fuel composed of a mix of conventional heavy fuel oil and biofuels made from waste cooking oils.
The aim of the trial is to verify the safe operation of machineries onboard and evaluate the quantity of CO2 emissions reduction through the usage of biofuel.
ORIX expects to reduce CO2 emissions by approximately 15-20% in this trial.
Marine biofuels can be used in existing vessels without significant modifications to the engines and other equipment and are therefore considered as a way to reduce CO2 emissions during the operation of existing vessels.
Decarbonization of maritime transport is one of the initiatives included in the company’s sustainability strategy.
Earlier this year, ORIX ordered its first methanol dual-fuel Kamsarmax bulk carriers. The ships will be built at Tsuneishi Group’s Zhoushan shipyard and are projected to emit approximately 15% less CO2 and reduce emissions of sulfur oxides by approximately 95% compared to conventional ships built by the Japanese shipyard.
ORIX has also conducted a feasibility study on energy-saving ship operations utilizing wind power . The study utilized a wing-shaped soft sail, manufactured by North Sails Japan (NSJ), set on derrick post of ORIX’s bulk carrier to obtain wind power as assisting power for the ship’s propulsion.
Through this study, ORIX and its partner SHI-ME aimed to improve the fuel efficiency of existing vessels, deepen their knowledge in utilizing the wind-assisted propulsion system powered by green energy and advance efforts toward the practical application of this system.