Mitsui O.S.K. Lines, Ltd. (MOL) and Shell Marine Products Singapore, a business division of Shell Eastern Trading Pte. Ltd (Shell), have signed a memorandum of understanding (MOU) to jointly focus on the advancement of alternative maritime solutions and managing carbon emissions liabilities holistically, particularly in the development of green future marine fuels.
As part of the agreement, the two companies will look to jointly conduct trials to explore the viability of bio- and synthetic fuel options as realistic decarbonization pathways. The collaboration also offers an opportunity for Shell and MOL to work together to engage the industry and its stakeholders on strategic policy issues. As part of the agreement, the companies will also explore the effectiveness of these fuels in the context of carbon markets.
For MOL, the MOU will help to progress its decarbonization ambitions as the first company in the Japanese ocean shipping industry to set a target of achieving net zero greenhouse gas (GHG) emissions by 2050.
Kazuhiro Takahashi, executive officer at MOL, said, "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, said, "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 decarbonization of the shipping industry."