A non-binding Memorandum of Understanding (MoU) was signed by COSCO SHIPPING, the world’s top shipping company, and Fortescue, a business focused on green technologies, energy, and metals, to collaborate on working towards the decarbonisation of shipping.
The two companies will work together to develop technology that will reduce emissions and build a supply chain for green fuels. In order to lower the carbon emissions associated with shipping iron ore and other mineral goods via the Australia-China Iron Ore Green Shipping Corridor, this includes investigating the construction and deployment of COSCO SHIPPING, or co-owned, vessels that are powered by green ammonia.
Executive Vice President of China COSCO SHIPPING Corporation, Lin Ji, as well as Chief Executive Officer of Fortescue Metals, Dino Otranto, attended the signing event in Shanghai.
“The shipping industry plays a vital role in global trade however also contributes significantly to the world’s carbon emissions. This collaboration marks a significant step in decarbonising the shipping industry and establishing a green fuel supply chain.
It also paves the way for collaboration on a variety of decarbonisation solutions which we believe will be integral to delivering on our ambitious target of net zero Scope 3 emissions by 2040.”
Dino Otranto, Chief Executive Officer at Fortescue Metals.
“COSCO SHIPPING is committed to green and low carbon as one of the two major development tracks, increasing cooperation with global partners, joining hands to jointly build a digital, green, open, shared and safe industry development ecosystem, and actively promoting the sustainable development of green and low carbon in the entire life cycle of the shipping industry.”
Lin Ji, Executive Vice President of China COSCO SHIPPING Corporation.
Fortescue has developed a ship engine that is capable of running on green ammonia, this collaboration builds on their research and development efforts to decarbonise shipping. Fortescue Green Pioneer moved one step closer to green shipping in March 2024 when it was certified as the first vessel in the world to use ammonia in addition to diesel as a marine fuel. Additionally, the ship successfully completed manoeuvrability and propulsion tests in Singapore’s Port.
If you are interested in meeting with Shipping companies working towards the decarbonisation of the Maritime industry, contact us today to learn about our MTB Marine events.
