Mitsui O.S.K. Lines, Ltd. (MOL) and Shell Marine Products Singapore have signed a Memorandum of Understanding (MoU) to collaborate on the growth of alternative marine solutions and the holistic management of carbon emissions responsibilities.
The firms will use their distinct viewpoints as a fuel provider and a shipping company to guide decisions in the development of green future maritime fuels.
MOL’s environmental policy is one of the core strategies in its ‘Blue Action 2035‘ management plan, and it is the first firm in the Japanese ocean shipping sector to establish the goal of reaching net zero GHG emissions by 2050.
The MoU will be critical in moving MOL’s decarbonisation goals forward. This will be accomplished by coordinated efforts to lead research programmes.
As part of the agreement, the two firms will conduct cooperative studies to investigate the potential of bio- and synthetic fuel alternatives as viable decarbonisation approaches.
The partnership also allows Shell and MOL to collaborate on engaging the industry and its stakeholders on strategic policy problems, integrating their multiple viewpoints with the goal of understanding and developing realistic compliance solutions.
The companies will also investigate the usefulness of these fuels in the context of carbon markets as part of the deal.
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. Choices of marine fuel will require a strategic decision, then the collaboration with experienced and reliable partners is essential.”
Melissa Williams, President of Shell Marine, stated: “We are delighted to build upon our long-standing relationship with MOL.
“With this MoU, we will focus on joint studies in understanding the impact from different regulatory environments as well as exploring possible pathways for the successful decarbonisation of the shipping industry.”