MOL creates Philippine subsidiary to drive shipping decarbonisation
Japanese shipping company Mitsui O.S.K. Lines (MOL) has decided to establish a wholly-owned subsidiary called EcoMOL, which will tackle immediate GHG emission reduction by ships’ operational efficiency through digital solutions.
EcoMOL will be based in Manila, the Philippines.
MOL has set a target to improve 5% fuel efficiency by end of 2024, in line with MOL Group Environmental Vision 2.1. In the short-term plan, improving ship operational efficiency, including ship’s energy sailing device (ESD) installations, is said to be the most effective and realistic solution.
MOL aims to take dynamic and innovative actions in daily operation, leveraging a big data analysis and constant actual operation performance review.
EcoMOL is expected to take a vital role to stimulate the above activities by collaborating with various stakeholders and leading ships’ eco-operation by all means.
The shipping company believes it will further increase its group-wide human assets by capitalising on rich Filipino maritime experience. Also, MOL said it can contribute to Filipino society through employment opportunities.
The Fleet Optimal Control Unified System (FOCUS) project will see MOL ships’ digital transformation solution fully assist the activities providing multiple aspects of ships’ data performance based on ships’ highest granularity data and translating ships’ data analysis into operational excellence.
MOL has set medium- to long-term targets of reducing GHG emissions intensity in marine transport by approximately 45% by 2035 (versus 2019) and achieving net-zero GHG emissions by 2050. It aims to achieve these targets through five initiatives including boosting operational efficiency. EcoMOL will play a key role to achieve sustainable net-zero GHG emissions and contribute to a low- and decarbonized society, according to the Japanese company.