Mitsui O.S.K. Lines, Ltd. (MOL) and Shell Marine Products Singapore, a Shell Eastern Trading Pte business division. Ltd (Shell) have signed a Memorandum of Understanding (MoU) to agree on a joint focus on advancing alternative maritime solutions and managing carbon emissions liabilities holistically. The companies will harness their unique perspectives as fuel suppliers and shipping companies to navigate choices in developing green future marine fuels.
Kazuhiro Takahashi, Executive Officer at MOL, said, “We are pleased to execute this MOU with Shell, one of the most prominent companies leading the decarbonisation in the shipping society. We believe this MOU will be an important step for both businesses to drive impactful change in the industry. Marine fuel choices will require a strategic decision, so collaboration with experienced and reliable partners is essential. ”
MOL Group has positioned its environmental strategy as one of the key strategies in its “BLUE ACTION 2035” management plan. It is the first company in the Japanese ocean shipping industry to set the target of achieving net zero GHG emissions by 2050. The MoU will play a pivotal role in progressing MOL’s decarbonisation ambitions. This will be achieved through concerted efforts to spearhead research initiatives. As part of the agreement, the two companies will look to conduct joint trials to explore the viability of bio- and synthetic fuel options as realistic decarbonisation pathways.
The collaboration also offers an opportunity for Shell and MOL to work together to engage the industry and its stakeholders on strategic policy issues, combining their dual perspectives to understand and explore practical implementations for compliance measures. As part of the agreement, the companies will also explore the effectiveness of these fuels in the context of carbon markets.
Melissa Williams, President of Shell Marine, said, “We are delighted to build upon our long-standing relationship with MOL. With this MoU, we will focus on joint studies to understand the impact of different regulatory environments and explore possible pathways for the successful decarbonisation of the shipping industry.”
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