Shipping trio collaborate to tackle IMO 2050 challenge

Shipping trio collaborate to tackle IMO 2050 challenge

Cargill, Maersk Tankers and Mitsui & Co. have established a strategic collaboration to drive fuel efficient shipping and accelerate the reduction of global greenhouse gas (GHG) emissions from maritime vessels.

The three parties have recognised the urgency required to tackle the global issue of climate change and are continually driving progress in their respective lines of business. The new collaboration aims to accelerate these efforts and propel the maritime industry towards a more sustainable future.

The companies will explore existing fuel-saving technologies and new technical solutions with the aim to prove that owners and charterers can gain economic benefit from working closely together to make vessels more fuel efficient.

The collaboration, which is closely aligned with the International Maritime Organization’s (IMO’s) target for international shipping to cut annual GHG emissions by at least 50 per cent by 2050, has a long-term objective of providing “over-the-shelf” solutions for maritime industry actors looking to explore new technologies to reduce their emissions.

The partnership will initially focus on testing and trials of existing proven technologies on ships under the companies’ command, with work already underway with several owners to invest in and install energy saving devices on board vessels under their charter. These projects will involve measures to optimise vessel performance by sharing and using data from the vessel in conjunction with weather routing, as well as mechanisms that enable the benefits of improved performance to be shared by both owner and charterer. In parallel, the collaboration will explore new technologies that could potentially transform maritime emissions in the long-term.

“We are excited to bring together three of the largest players in their respective maritime market segments to actively make shipping more sustainable. With the right expertise, transparency and collaboration, we can make changes to vessels and contracts that will significantly reduce shipping’s GHG footprint,” said George Wells, global head of assets and structuring at Cargill Ocean Transportation.

The collaboration will benefit from a wealth of knowledge, expertise and experience that spans the globe. “Maersk Tankers has extensive knowledge and experience in testing a wide range of technologies that can drive fuel efficiencies. This collaboration represents an opportunity to share this knowledge with others and to deploy these technologies in a larger fleet. Through that, we can accelerate the impact on reducing GHG globally,” stated Tommy Thomassen, chief technical officer at Maersk Tankers.

Cargill will provide access to its fleet, as well as operational experience; Maersk Tankers will bring a strong legacy of implementing innovation on product tankers that enhances technical performance; and Mitsui & Co. will offer comprehensive vessel construction and trading wisdom to provide the new technologies and solutions to the shipping industry that this collaboration will explore.

Takuya Shirai, general manager of the ship business division at Mitsui & Co., said, “The collaboration will contribute to the sustainable growth of the shipping industry, whilst promoting a more environmentally conscious society.”