Sustainable Finance

Latest Framework (* from 2023)
Past Cases

Blue Bond

Blue Bond Framework

Blue Bond Framework[1.16MB]

Second-party Opinion

JCR Blue Bond Framework evaluation


Sustainable Finance

Sustainable Finance Framework

Sustainable Finance Framework[1.89MB]

Second-party Opinion

DNV Sustainable Finance Framework evaluation


Green Bonds/Loans

Green Loan (December 2019)

Execution date December 19, 2019
Lenders BNP Paribas, The Export-Import Bank of China
Green structuring advisor BNP Paribas
Use of funds LNG bunkering vessel
Rating agency Vigeo Eiris

Sustainability Bonds/Loans

Fund allocation status and environmental improvement effect of Sustainability Bonds as of the end of March 2020 (22nd, 23rd and 24th series unsecured corporate bonds)

Fund allocation report

All funds, totaling ¥20 billion, from the bond issue have been allocated for eligible projects as below.

Sub-groups Projects categories Amount(100 million yen)
Social-Related Establishment of Philippine University of Merchant Shipping 44
Workplace Reform 2
Regulation response Ballast Water Treatment System 40
SOx Scrubber 92
LNG related LNG Bunkering Vessels 20
LNG-fueled Vessels(Tugboat) 1
Upgraded PBCF and Wind Challenger Project Upgraded Propeller Boss Cap Fins 1
Wind Challenger Project 0
Total 200

Environmental impact report

Projects categories Reporting indicator
Establishment of Philippine University of Merchant Shipping Quantitative indicators such as the number of students and graduates, and qualitative effects
  • Current students: 289 first graders / 284 second graders (The first graduates will be from 2022)
  • Securing high-quality seafarers, backed by high education
  • Securing Filipino employment and human resource development
  • Contribution to the development of the shipping industry in the Philippines
Workplace Reform Questionnaire survey for pilot office residents*1 Productivity: 15% increase
Ease of dialogue: 7% increase
Creativity: 3% increase
As shown above, the degree of satisfaction with indicators related to work efficiency and job satisfaction has improved.
Behavioral survey using sensors*2 Regarding employees at the pilot office:
Own seat: 16% decrease
Meeting room: 6% decrease
Common area: 15% increase
Concentrated seats: 9% increase
As described above, we have checked the working environment situation.
Introduction of universal design toilet Completed in June 2019. Improves the ease of access for people with difficulties, such as those with disabilities, pregnant women, etc.
Ballast Water Treatment System Number of Ballast Water Treatment System installed 34 vessels
Volume of treated ballast water 6,999,200mt/34 vessels total/year
SOx Scrubber Number of systems installed 17 vessels
SOx emission reduction 86%
LNG Bunkering Vessels Number of LBVs financed and entered into operations Under construction
LNG-fueled Vessels(Tugboat) Number of LNG-fueled Vessels financed and entered into operations 1 vessel
GHG emission 1,248mt/vessel/year
GHG emission reduction 15%
CO2 emission reduction 25%
NOx emission reduction 80%
SOx emission reduction 99%
Upgraded Propeller Boss Cap Fins Number of PBCF financed and entered into operations 14 vessels
Energy saving effect 5%
Avoided GHG emissions 16,528mt/14 vessels total/year
CO2 emission reduction 5%
NOx emission reduction 5%
SOx emission reduction 5%
Wind Challenger Project Number of Wind Challenger financed and entered into operations N/A
Future plans Aiming to launch a newbuilding vessel equipped with a hard sail by fiscal year 2022. That would reduce the vessel's GHG emissions by about 5% on a Japan-Australia voyage, and by about 8% on a Japan-North America West Coast voyage.

*1 In April 2019 before moving in, and in September 2019, four months after moving in, we conducted a satisfaction survey of employees at the pilot office regarding "Productivity," "Ease of dialogue," and "Creativity."

*2 From April 19 to May 19 before moving in and from July 19 to September 19 after moving in, we conducted a behavioral survey of all employees working at the Head Office.


Transition Bonds/Loans

Transition Loan (September 2021)

Execution Date September 9, 2021
Arrangers Development Bank of Japan Inc. and Sumitomo Mitsui Trust Bank, Limited.
Co-arrangers Sumitomo Mitsui Banking Corporation
Lenders Development Bank of Japan Inc., Sumitomo Mitsui Trust Bank, Limited.
Sumitomo Mitsui Banking Corporation, The Yamaguchi Bank, Ltd.,
The Higo Bank, Ltd., The Oita Bank, Ltd., The Kitakyushu Bank, Ltd.,
The Bank of Yokohama, Ltd., The San-in Godo Bank, Ltd.,
The Hiroshima Bank, Ltd., The Iyo Bank, Ltd., The Ehime Bank, Ltd.
and The Bank of Kyoto, Ltd.
Use of funds Construction of two LNG-fueled coastal ferries
Rating agency Japan Credit Rating Agency, Ltd.

* Adopted as a Climate Transition Finance Model project of Japan's Ministry of Economy, Trade and Industry

Transition Loan (December 2023)

Execution Date December 20, 2023
Lender Sumitomo Mitsui Banking Corporation
Use of funds Construction of two LNG dual fueled coastal ferries
Rating agency DNV Business Assurance Japan K.K.

* Adopted as Transition Finance Subsidy for global warming countermeasures promotion project of Japan's Ministry of Economy, Trade and Industry

Transition Loan (December 2023)

Execution Date December 26, 2023
Lender Sumitomo Mitsui Trust Bank, Limited
Use of funds Construction of bulkship with Wind Challenger
Rating agency DNV Business Assurance Japan K.K.

* Adopted as Transition Finance Subsidy for global warming countermeasures promotion project of Japan's Ministry of Economy, Trade and Industry

Transition Loan (December 2023)

Execution Date December 26, 2023
Lender The Bank of Yokohama, Ltd.
Use of funds Construction of LNG dual fueled pure car and truck carrier
Rating agency DNV Business Assurance Japan K.K.

Transition Linked Loan (November 2021)

Execution date November 1, 2021
Mandated lead arranger Société Générale
Lead arranger Sumitomo Mitsui Banking Corporation
Lenders Société Générale and Sumitomo Mitsui Banking Corporation
Co-sustainability coordinators Société Générale and Sumitomo Mitsui Banking Corporation
Rating agency DNV Business Assurance Japan K.K.
SPT Annual EEOI target reduction rate to "achieve 45% reduction in the Energy Efficiency Operational Indicator (EEOI) by 2035" relative to a 2019 baseline.

Transition Linked Loan (October 2022)

Execution date October 7, 2022
Lender Sumitomo Mitsui Banking Corporation
Rating agency DNV Business Assurance Japan K.K.
SPT Annual EEOI target reduction rate to "achieve 45% reduction in the Energy Efficiency Operational Indicator (EEOI) by 2035" relative to a 2019 baseline.

Transition Linked Loan (December 2023)

Execution date December 26, 2023
Lender The Bank of Yokohama, Ltd.
Rating agency DNV Business Assurance Japan K.K.
SPT Annual EEOI target reduction rate to "achieve 45% reduction in the Energy Efficiency Operational Indicator (EEOI) by 2035" relative to a 2019 baseline.