ORIX Corporation, a financial services firm based in Tokyo, has announced the commencement of a sea trial using biofuel on a vessel it owns and currently charters to Danish shipping company Norden. This marks the company’s first experiment with biofuels on its fleet, employing a blend of traditional heavy fuel oil and biofuels sourced from waste cooking oils.
The trial will focus on evaluating the operational safety of the machinery aboard the vessel while measuring the CO2 emissions reduction potential through the application of biofuel. Preliminary estimates suggest that the trial could yield a reduction in CO2 emissions of about 15-20%.
The use of marine biofuels is gaining traction as a viable alternative for existing ships, allowing for significant emissions reductions without requiring extensive modifications to vessel engines and equipment. This aligns with ORIX’s broader sustainability initiatives aimed at decarbonizing maritime transport.
In conjunction with its biofuel efforts, ORIX has made strides in enhancing its fleet with the recent order of dual-fuel Kamsarmax bulk carriers, which will be constructed at the Tsuneishi Group’s Zhoushan shipyard. These vessels are projected to deliver a 15% reduction in CO2 emissions and a remarkable 95% decrease in sulfur oxide emissions compared to conventional maritime vessels.
Furthermore, ORIX is investigating energy-saving measures through wind power integration. A feasibility study has utilized a sail system, developed by North Sails Japan (NSJ), mounted on one of ORIX’s bulk carriers to explore the viability of wind-harnessed propulsion assistance.
These initiatives underline ORIX Corporation’s commitment to innovative solutions for sustainable shipping practices and its proactive efforts in mitigating the environmental impact of maritime operations.