Japanese Utility Tohoku Electric Power (TEP) has invested in the Akita Yurihonjo offshore wind project in Japan. The project is scheduled to have a power generating capacity of approximately 700MW, making it one of the largest offshore wind farms in Japan. The leader of the offshore project is Renova.
Japanese NYK announced it has secured a 9 billion yen syndicated loan agreement with MUFG Bank Ltd., with the aim to install scrubbers. This forms part of NYK’s medium-term management plan, which includes the group’s intent to integrate environmental, social, and governance (ESG) initiatives into management.
A Japanese fast ferry is said to have been collided with a whale on March 9, off the coast of Sado Island, Japan, resulting to passengers’ injury. Japan Coast Guard and operator Sado Steam Ship believe that the object was a ‘marine animal,’ possibly a whale.
South Korean shipbuilders ranked first globally in total new orders during February, surpassing their Chinese rivals. Namely, local shipyards won new orders amounting 630,000 compensated gross tons in February to build eight vessels. Chinese shipbuilders ranked second with 20,000 CGTs to build one vessel. Japan was third with 10,000 CGTs for one ship.
Japan supports that open-loop scrubbers’ water discharge does not damage the environment. In a presentation at IMO, the country concluded that open-looped scrubbers will not lead to to short or long term impacts on marine organisms. The presentation also added that there is no scientific back-up to not allow the uses of open-loop scrubbers, provided that certain IMO requirements are met.
Sumitomo Corporation, Sumitomo Mitsui Banking Corporation and Development Bank of Japan have established their first fund through Spring Infrastructure Capital, a fund management company jointly established by the three companies. The Fund raises money from Japanese investors and finances and invests in offshore wind power projects overseas.
South Korean shipbuilders ranked second globally in total new orders for January, surpassed by China. According to the Clarkson Research Institute, South Korean shipyards were awarded new orders with an overall worth of 580,000 compensated gross tons, in order to build 12 ships. Japan came third with 13.69 million CGTs.
Researchers from the organization started by philanthropist Paul Allen found the wreck of the first Japanese battleship sunk by the U.S. Navy during World War II. The 1914-built Hiei was a Japanese battlecruiser, one of the most heavily-armed vessels of its era, having eight 14-inch guns and armour up to nine inches thick. The vessel was crippled by a shell from the USS San Francisco on the 13th which disabled the steering gear.
Japanese engineering company Mitsubishi Heavy Industries, Ltd. (MHI) announced the appointment of Seiji Izumisawa as new President and CEO, effective from 1st April 2019, and as a Chief Strategy Officer (CSO), a role he holds currently.
As of 1 February, the Economic Partnership Agreement (EPA) between the EU and Japan has entered into force, marking the largest open trade zone in the world. The EPA removes the vast majority of the €1 billion of duties paid annually by EU companies exporting to Japan.
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