Japan’s Mitsui O.S.K. Lines (MOL) and energy company Chevron Singapore have signed a memorandum of understanding (MoU) for a strategic alliance aimed at reducing the carbon intensity of marine fuels, as well as other decarbonisation technologies in shipping.
The partnership will see joint studies carried out on next-generation fuels in various regions around the world including safety measures and legislation for lower-carbon efforts in the marine fuels sector.
Mark Ross, president of Chevron Shipping Company, says: “Chevron aims to lead in lower carbon intensity oil, products and natural gas and at the same time advance new products and solutions that reduce the carbon intensity of major industries. This is another way Chevron is working to advance energy progress.”
As part of its decarbonisation goals, MOL has been exploring a number of alternative fuel projects, including ammonia, hydrogen and methanol, while also developing its own hard sails and going after less conventional forms of energy, such as converting microplastics it picks up from the sea into energy resources similar to wood pellets and most recently liquefied bio-methane derived from cattle manure.
MOL senior managing executive officer Nobuo Shiotsu says: “MOL is honoured to have the opportunity to jointly study GHG emission reductions through this MoU with Chevron. First, we will study and implement all possible means, including the use of next-generation fuels and the introduction of new decarbonisation technologies such as wind power and electricity, in tankers that have been chartered for a long period of time.”