Pacific Basin Shipping Limited, one of the world’s leading dry bulk shipping companies, has signed a memorandum of understanding (MoU) with Nihon Shipyard Co., Ltd and Mitsui & Co., Ltd to cooperate in the investigation and development of zero-emission vessels and investment in related bunkering infrastructure.

The International Maritime Organization (IMO) currently aims to reduce the carbon intensity of global shipping by 40% by 2030 relative to 2008, and to halve total greenhouse gas emissions from ships by 2050. Furthermore, there is widespread pressure for industries to tighten their targets to align with the Net Zero by 2050 goal promoted at last November’s COP26.

As a result, companies operating in the maritime industry will be required to replace traditional fuels currently used with substitutes such as ammonia and methanol, requiring the development of associated new engine designs, vessel designs and global bunkering infrastructure.

Nihon Shipyard Co., Ltd is a partnership between Japan’s two largest shipbuilders: Imabari Shipbuilding Co., Ltd. and Japan Marine United Corporation. Nihon Shipyard focuses on the design, construction and promotion of eco-friendly ships for a zero-emission future.

Mitsui & Co., Ltd is one of the world’s largest trading companies with business operations spanning energy, machinery, chemicals, logistics and more. Utilizing Mitsui’s extensive experience and scale, the collaboration will investigate alternative fuel bunkering options and associated infrastructure, while seeking mutual benefits in the ordering of zero-emission vessels.