On July 25, 2024, COSCO SHIPPING and Fortescue, a leading global green technology, energy and metal company, inked a memorandum of cooperation in Shanghai. Under this MOU, both parties will leverage their respective technological and resource strengths to collectively develop a sustainable green fuel supply chain. This initiative aims to advance the shipping industry’s energy structure transformation, foster its eco-friendly growth, and contribute to the realization of a globally interconnected green, low-carbon, and sustainable shipping ecosystem.

As outlined in the MOU, both companies will collaborate on developing technologies to lower emissions and build a green fuel supply chain. This includes the potential for Fortescue to use COSCO SHIPPING vessels or vessels owned by the two parties, powered by green ammonia, to ship iron ore and other mineral products with the aim of reducing China-Australia Iron Ore Green Shipping Corridor’s carbon emissions.

The CEO of Fortescue Metals, Dino Otranto, and Lin Ji, Executive Vice President of COSCO SHIPPING, attended the signing ceremony. This significant event marked a new chapter in the deepening and expansion of cooperation between both parties, building upon the established China-Australia bulk cargo transport collaboration.

Fortescue: The shipping industry plays a vital role in global trade however also contributes significantly to the world’s carbon emissions. This partnership marks a significant step of the shipping industry in decarbonizing and establishing a green fuel supply chain. It also paves the way for collaboration on a variety of decarbonization solutions which we believe will be integral to delivering on our ambitious target of net zero Scope 3 emissions by 2040. 

COSCO SHIPPING: Sustainability and decarbonization have emerged as a new trend that propels the sustainable development of the shipping industry. COSCO SHIPPING is dedicated to prioritizing these green and low-carbon initiatives as one of its two development tracks. By enhancing collaboration with international partners, we aim to create a digitally advanced, intelligent, environmentally friendly, open, shared, and secure industrial ecosystem. We are committed to promoting the sustainability and low-carbon evolution of the shipping industry throughout its life cycle.”  

Moving forward, COSCO SHIPPING remains committed to accelerating the green and low-carbon transformation across the global supply chain. The company plans to further establish a marine new energy industry chain and provide eco-friendly shipping solutions. These solutions will be anchored by green fleets, sustainable shipping practices, and eco-conscious ports, all geared towards fostering the industry’s green, low-carbon, and sustainable development throughout its entire life cycle.