Pacific Basin

Pacific Basin, Mitsui and Nihon Shipyard join forces on zero-emission ships

Hong Kong-based dry bulk shipping company Pacific Basin has signed a memorandum of understanding (MoU) with Japanese shipyard Nihon Shipyard and trading and investment company Mitsui to cooperate in the investigation and development of zero-emission vessels.

Illustration. Courtesy of Pacific Basin

The partners will also explore the investment in related bunkering infrastructure.

Nihon Shipyard is a joint venture between Japan’s two largest shipbuilders Imabari Shipbuilding and Japan Marine United Corporation. Nihon Shipyard focuses on the design, construction and promotion of eco-friendly ships for a zero-emission future.

Mitsui is one of the world’s largest trading companies with business operations spanning energy, machinery, chemicals, logistics and more.

Utilising Mitsui’s ‘extensive’ experience and scale, the collaboration aims to investigate alternative fuel bunkering options and associated infrastructure, while seeking mutual benefits in the ordering of zero-emission vessels, according to Pacific Basin.

”We are excited to be partnering with these two … companies on this initiative … as we continue along our decarbonisation journey,” Martin Fruergaard, CEO of Pacific Basin, said.

“Through this agreement, Pacific Basin will continue to be at the forefront of development within the industry, as we accelerate the transition and make zero-emission-ready vessels the default choice by 2030, and enable us to meet our target of zero emissions by 2050.”

“It is a great pleasure … to be working with … companies in our industry to develop zero-emission vessels in anticipation of the maritime industries environment response to regulations to reduce GHG emissions by 2030 and 2050,” Takashi Hirose, Director, Chief of Sales and Marketing Division, Nihon Shipyard, commented.

“We are very pleased to take part in the maritime industry’s green transition through entering this MoU… Energy solutions is a strategic focus area, and has been identified as a new growth opportunity that will contribute to decarbonisation through the reduction of energy consumption and GHG emissions,” Tatsuya Okamoto, COO of Mobility Business Unit II, Mitsui, noted.

The International Maritime Organization (IMO) currently aims to reduce the carbon intensity of global shipping by 40% by 2030 relative to 2008, and to halve total greenhouse gas (GHG) emissions from ships by 2050.

Furthermore, there is widespread pressure for industries to tighten their targets to align with the net zero by 2050 goal promoted at last November’s COP26.

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As a result, companies operating in the maritime industry will be required to replace traditional fuels currently used with substitutes such as ammonia and methanol, requiring the development of associated new engine designs, vessel designs and global bunkering infrastructure.

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