Cargill, Maersk Tankers and Mitsui Collaborate on GHG Reductions
Cargill, Maersk Tankers and Mitsui & Co. have established a strategic collaboration to accelerate the reduction of global greenhouse gases within shipping.
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 IMO's target for international shipping to cut annual GHG emissions by 50 percent 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.
Initially, the partnership will focus on 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. In parallel, the collaboration will explore new technologies that could potentially transform maritime emissions in the long-term.
Cargill will provide access to its fleet, Maersk Tankers will bring a legacy of implementing innovation on product tankers and Mitsui & Co. will offer vessel construction and trading experience.
Founded in 1956, Cargill Ocean Transportation provides bulk shipping services to customers across the globe, managing a 650-strong fleet. Founded in 1928, Maersk Tankers is a leading player in the product tanker industry, operating one of the largest fleets of vessels. Mitsui & Co. is one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 139 offices in 66 countries as of April 2019. The company is active in both trading and chartering.
Cargill was a driving force in helping to develop, and one of the first six companies to sign, the GMF CEO Declaration in October 2018. This call to action has been signed by more than 50 industry leaders from across the global maritime value chain urging the industry to transition toward a decarbonized future. The business has made achieved a 12.1 percent decline in CO2 output per cargo-ton-mile across its time-chartered fleet since 2016. In 2018, the business reduced gross CO2 emissions 350,000 tons (4.5 percent) while it maintained the same level of transport activity.