Kumiai Navigation (Pte) Ltd has recently received evaluation and financing under the ‘Zero-Emission Accelerating Ship Finance’ program, a collaborative effort between the Development Bank of Japan Inc. (DBJ) and ClassNK. The focus of this initiative is to promote environmentally friendly and innovative shipping practices.
ClassNK conducted an assessment of the LPG dual-fuel LPG/ammonia carrier, ‘CRYSTAL ODYSSEY’ (IMO 9997177), which is owned by Kumiai Navigation, with the support of DBJ in providing the necessary financing. In an industry increasingly pressed by stringent environmental regulations, ClassNK utilizes a comprehensive scoring model developed with DBJ to evaluate vessels based on criteria such as decarbonization, environmental performance, and innovation.
This approach aligns financial investment with initiatives that facilitate the shipping industry’s transition to greener practices. As part of its commitment to decarbonization, Kumiai Navigation, a Japanese shipowner based in Singapore, has taken significant steps, such as placing early orders for LPG dual-fueled carriers.
The ‘CRYSTAL ODYSSEY’ is a cutting-edge vessel constructed at Kawasaki Heavy Industries’ Sakaide Works and was delivered to Kumiai Navigation in June 2025. Several key features contributed to its high evaluation during the assessment.
The utilization of LPG fuel is anticipated to cut carbon dioxide (CO2) emissions by around 15% compared to traditional fuel oil. Additionally, the vessel is equipped to accommodate ammonia fuel in the future, classified as an ‘ammonia-fuel-ready ship’.
Moreover, the installation of an exhaust gas recirculation system and a selective catalytic reduction system allows compliance with the International Maritime Organization’s (IMO) Tier III NOx regulations. The adoption of LPG fuel ensures adherence to SOx regulations, particularly within emission control areas.
Ultimately, this vessel was awarded an ‘S’ rating, marking it as one with exceptional decarbonization efforts and advanced environmental considerations. Through the expansion of the program, DBJ and ClassNK aim to further assist shipping and shipbuilding sectors in their decarbonization journeys, collectively striving for a greener maritime industry.