07/19/2021 | Press release | Distributed by Public on 07/18/2021 20:02
TOKYO, Japan - July 19, 2021 - ORIX Corporation ('ORIX') announced today that it has placed an order for two TESS66 AEROLINE*1 bulk carriers, a new model developed by TSUNEISHI SHIPBUILDING Co., Ltd. This is the first order of the new model as a shipowner. The two vessels will be built by TSUNEISHI GROUP (ZHOUSHAN) SHIPBUILDING, Inc. and are expected to be delivered in 2023.
Currently, based on the Energy Efficiency Design Index (EEDI)*2, an environmental regulation from the International Maritime Organization (IMO) regarding the reduction of CO2 emissions, new bulk carriers are required to comply with EEDI Phase 2 which mandates a CO2 reduction of 20% from the standard value. The vessels being ordered this time satisfied in advance with EEDI Phase 3 (30% reduction from the standard value) which will be applied to new vessels starting from 2025. They can be expected to have lower environmental impact and better fuel efficiency compared to existing vessels.
ORIX began a secondhand ship leasing business in Japan in the latter half of the 1960s and has been carrying out ship finance on an international scale since the first half of the 1970s. For a period extending over nearly 50 years, ORIX has been acquiring shipping-related expertise ranging from ship finance and investment (owning and operations), sales and purchases, broking, including through the establishment in 1977 of Perseus Shipping Co., Ltd. (now ORIX Maritime Corporation), a company which operates vessels. Currently, ORIX owns 25 vessels, mainly bulk carriers, and provides them to first-class companies such as grain trading houses and power companies worldwide.
ORIX will continue to use the experience and expertise it has cultivated to actively engage in reducing environmental impact while contributing to the realization of a sustainable society through corporate activities.
*1 This is a new vessel developed by TSUNEISHI SHIPBUILDING that complies in advance with EEDI Phase 3. The deadweight is about 66,000 metric tons. Wind resistance is reduced by approximately 20% through the streamline design on both the bow and accommodation of the vessel.
*2 The Energy Efficiency Design Index (EEDI) is an international treaty from the International Maritime Organization (IMO) regarding the reduction of CO2 emissions. It is applicable to new ships.
■ Conceptual image of new vessel
Investor Relations and Sustainability Department
ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group which provides innovative products and services to its customers by constantly pursuing new businesses.
Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and at present has expanded into lending, investment, life insurance, banking, asset management, automobile related, real estate and environment and energy related businesses. Since entering Hong Kong in 1971, ORIX has spread its businesses globally by establishing locations in 31 countries and regions across the world.
ORIX intends to utilize its strengths and expertise, which generate new value, to establish an independent ORIX business model that continues to evolve perpetually. In this way, ORIX will engage in business activities that instill vitality in its companies and workforce, and thereby contribute to society. For more details, please visit our website: https://www.orix.co.jp/grp/en/
(As of March 31, 2021)
Caution Concerning Forward Looking Statements:
These documents May contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results that differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under 'Risk Factors' in the Company's annual report on Form 20-F filed with the United States Securities and Exchange Commission and under '(4) Risk Factors' of the '1. Summary of Consolidated Financial Results' of the 'Consolidated Financial Results April 1, 2020 - March 31, 2021.'