Pacific Basin in three-way zero-emission vessel initiativeWritten by Nick Blenkey
One of the world’s largest bulker operators, Hong Kong headquartered Pacific Basin Shipping Limited, has signed a memorandum of understanding with Japan’s Nihon Shipyard Co., Ltd and Mitsui & Co., Ltd. It will see the three cooperate on the investigation and development of zero-emission vessels and investment in related bunkering infrastructure.
Pacific Basin, which serves over 550 customers. operates around 250 Handysize and Supramax vessels, says that to reach IMO GHG reduction targets and the net zero by 2050 goal proposed at COP26, shipping will have to replace the traditional fuels it currently used with replacements such as ammonia and methanol. This requires the development of associated new engine designs, vessel designs and global bunkering infrastructure.
Nihon Shipyard, a partnership between Japan’s two largest shipbuilders Imabari Shipbuilding Co., Ltd. and Japan Marine United Corporation. focuses on the design, construction and promotion of eco-friendly ships for a zero-emission future.
Mitsui & Co., Ltd is one of the world’s largest trading companies with business operations spanning energy, machinery, chemicals, logistics and more. Utilizing Mitsui’s extensive experience and scale, the new three-way collaborative effort will investigate alternative fuel bunkering options and associated infrastructure, while seeking mutual benefits in the ordering of zero-emission vessels.
“We are excited to be partnering with these two leading companies on this initiative, who we feel offer complementary expertise and size, as we continue along our decarbonization journey,” said Pacific Basin CEO Martin Fruergaard. “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.’’