Hong Kong, 11 May 2022 – Pacific Basin Shipping Limited (“Pacific Basin” or the “Company”, 2343.HK), one of the world’sleading dry bulk shipping companies, has signed a memorandum of understanding (‘‘MoU’’) with Nihon Shipyard Co., Ltdand Mitsui & Co., Ltd to cooperate in the investigation and development of zero-emission vessels (‘‘ZEV’’) and investment inrelated bunkering infrastructure.
The International Maritime Organization (‘‘IMO’’) currently aims to reduce the carbon intensity of global shipping by 40% by2030 relative to 2008, and to halve total greenhouse gas (‘‘GHG’’) emissions from ships by 2050. Furthermore, there iswidespread pressure for industries to tighten their targets to align with the Net Zero by 2050 goal promoted atlast November’s COP26. As a result, companies operating in the maritime industry will be required to replace traditional fuelscurrently used with substitutes such as ammonia and methanol, requiring the development of associated new enginedesigns, vessel designs and global bunkering infrastructure.
Nihon Shipyard Co., Ltd is a partnership between Japan’s two largest shipbuilders Imabari Shipbuilding Co., Ltd. and JapanMarine United Corporation. Nihon Shipyard focuses on the design, construction and promotion of eco-friendly ships for azero-emission future.
Mitsui & Co., Ltd 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, our collaboration will investigate alternativefuel bunkering options and associated infrastructure, while seeking mutual benefits in the ordering of zero-emission vessels.
Mr. Martin Fruergaard, CEO of Pacific Basin, said: ‘‘we are excited to be partnering with these two leading companies on thisinitiative, who we feel offer complementary expertise and size, as we continue along our decarbonisation journey. Throughthis agreement, Pacific Basin will continue to be at the forefront of development within the industry, as we accelerate thetransition and make zero-emission-ready vessels the default choice by 2030, and enable us to meet our target of zeroemissions by 2050.’’
Mr. Hirose, Director, Chief of Sales and Marketing Division, Nihon Shipyard Co., Ltd, commented, “it is a great pleasure andhonour to be working with leading companies in our industry to develop zero-emission vessels in anticipation of the maritimeindustries environment response to regulations to reduce GHG emissions by 2030 and 2050.”
Mr. Okamoto, COO of Mobility Business Unit II, Mitsui & Co., Ltd, commented, “we are very pleased to take part in themaritime industry’s green transition through entering this MoU with two of the leading companies in the industry. Energysolutions is a strategic focus area, and has been identified as a new growth opportunity that will contribute to decarbonisationthrough the reduction of energy consumption and GHG emissions. Through this collaboration Mitsui will contribute to theenhancement of people’s lives and the creation of a sustainable society by developing essential social infrastructure tosupport sustainable growth and development.”
About Pacific Basin
Pacific Basin Shipping Limited () is one of the world’s leadingowners and operators of modern Handysize and Supramax dry bulk vessels.
Enhanced by a world-class in-house fleet management team, the Company iscommitted to sustainable shipping with a keen focus on seafarer safety, health andwellbeing, responsible environmental practice, performance optimisation for bestfuel and carbon efficiency, and best-in-class service delivery. The Companyoperates around 250 dry bulk ships of which 120 are owned and the rest chartered.
Pacific Basin is listed and headquartered in Hong Kong and provides a qualityservice to over 550 customers, with about 4,600 seafarers and 365 shore-basedstaff in 13 offices in key locations around the world.
