The parties recognize the urgency required to tackle the global issue of climate change and are continually driving progress in their respective lines of business. Today, 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.
“The collaboration will contribute to the sustainable growth of the shipping industry, whilst promoting a more environmentally conscious society,” Takuya Shirai, general manager of the ship business division at Mitsui & Co., said.
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.