Fortescue, a green technology, energy and metals company, and COSCO SHIPPING, the world’s leading shipping company, signed a non-binding Memorandum of Understanding to work together on decarbonizing shipping.

Both companies will collaborate on developing technologies to lower emissions and build a green fuel supply chain. This includes exploring the construction and deployment of COSCO SHIPPING vessels, or co-owned vessels, powered by green ammonia, to ship iron ore and other mineral products with the aim of reducing Australia-China Iron Ore Green Shipping Corridor’s carbon emissions.

This collaboration builds on Fortescue’s research and development to decarbonize shipping, having developed a green ammonia capable ship engine. In March 2024, the Fortescue Green Pioneer received the world’s first certification to use ammonia in combination with diesel as a marine fuel, bringing the company one step closer to green shipping. The vessel has also successfully completed propulsion and maneuverability trials in the Port of Singapore.