Print Friendly, PDF & Email

Struggling Japanese shipping conglomerate [ds_preview]Mitsui O.S.K. Lines (MOL) announced to team up several industry players from the maritime and commodity markets for a joint study of LNG-fueled Capesize Bulker.

The agreement was already signed on Friday in Singapore, but was only published today by MOL. It is the first time, such a variety of industry players are gathering to examine challenges and opportunities of in this respect. Partners are classification society DNV GL, mining groups Rio Tinto and BHP Billiton, Shanghai Merchant Ship Design and Research Institute (SDARI) and Woodside Energy.

Albeit some analysts think, that the bulk shipping market has finally bottomed out in these days, the industry is still facing big tonnage overcapacity. Nonetheless, there is a need of modern and environmental-friendly vessels, according to experts.

The mining and commodity giants Rio Tinto and BHP Billiton are two of the most important players and clients for the bulker shipping, especially on the »highway« between Australia and China. A very big share of capesize bulker are employed here. Therefore, an engagement or commitment of these players could have significant impact on the global fleet.

The joint research project, called »Green Corridor,« aims to reduce merchant vessels‘ emissions of NOX and SOX in advance of international treaties calling for stricter emissions standards, and will examine the technological and economic feasibility of an LNG-fueled bulker.