COSCO SHIPPING Heavy Industry has launched the first ammonia fuel combustion and real ship application project in China.
The project, under the name of “R&D and Demonstration Application of Ammonia-powered Dual-fuel Engine and Supply System”, aims to further research the application of new energy and new fuel in the shipping system, especially the application of zero-carbon fuel.
The company will also look at mastering the design and construction technology of ammonia-fueled engines and ships, enhancing their core competitiveness and main supporting equipment, and achieving the goal of low or even zero carbon emission of ships.
COSCO Shipping Ports Limited recently released first quarter results for 2022, posting revenues of $329.7 million for an increase of 24.2 per cent year-on-year.
Gross Profit increased by 30.5 per cent to a total of $80.9 million, while share of profits from joint ventures and associates increased by 1.9 per cent year on year to $82.5 million.