Daito Corporation, a subsidiary of Kawasaki Kisen Kaisha, Ltd. ("K" LINE), has secured a green loan from Mizuho Bank, Ltd. to finance the construction of an electric tugboat (EV tug), according to "K" LINE's release.
This initiative aligns with the Port of Yokohama – CNP Sustainable Finance Framework established by the City of Yokohama. The EV tug is scheduled for completion in May 2027.
According to "K" LINE, the vessel is expected to reduce CO2 emissions by approximately 60% through the integration of hull improvements, electrification, and new maneuvering equipment.
"K" LINE has stated that the construction of the EV tug falls under the "Clean Transportation" category of the Framework.
Daito Corporation is the first company to utilize this municipal framework for financing, marking the first instance in Japan where a private company has employed a use-of-proceeds specific framework developed by a municipality.
The "K" LINE Group has expressed its commitment to advancing low-carbon and carbon-free initiatives, aiming to contribute to environmental conservation and enhance quality of life.
Kawasaki Kisen Kaisha, Ltd. ("K" LINE) is a Japanese transportation company with a fleet that includes dry cargo ships, container ships, liquefied natural gas carriers, Ro-Ro ships, tankers, and container terminals.
Daito Corporation is a consolidated subsidiary of "K" LINE, operating in Tokyo Bay with facilities including container terminals and logistics services.