Cargill, Maersk Tankers and Mitsui & Co. have established a strategic collaboration to accelerate the reduction of global greenhouse gases (GHGs) within shipping. All three parties recognize the urgency required to tackle the global issue of climate change and are continually driving progress in their respective lines of business. They are joining forces to accelerate these efforts and propel the maritime industry towards a more sustainable future.
Together, the companies will work towards lowering maritime GHG emissions by fully exploiting existing fuel-saving technologies and exploring new technical solutions. The aim is to prove that it can make economic sense for both owners and charterers if they work more closely together to make vessels more fuel efficient, thus demonstrating that sustainable shipping can also be commercially viable.
The collaboration, which is closely aligned with the International Maritime Organization’s target for international shipping to cut annual GHG emissions by 50% 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.
George Wells, global head of assets and structuring at Cargill Ocean Transportation, said, “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.”
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,” said Tommy Thomassen, chief technical officer at Maersk Tankers.
Cargill will provide access to its extensive fleet, as well as exceptional 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.”
Initially, the partnership will focus on testing and trials of existing proven technologies on ships under their 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 optimize 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.