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    Japan's MOL to focus on LNG, ammonia, hydrogen vessels

Summary

The company is aiming to be net-zero by 2050.

by: Shardul Sharma

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Complimentary, NGW News Alert, Natural Gas & LNG News, Asia/Oceania, Liquefied Natural Gas (LNG), Hydrogen, Corporate, News By Country, Japan

Japan's MOL to focus on LNG, ammonia, hydrogen vessels

Japanese shipping company MOL on April 6 said it would focus on developing vessels that run on LNG, ammonia and hydrogen in order to achieve its 2050 net-zero target.  

"In recent years, social awareness of the environment has been changing drastically. While ocean shipping is a key industry supporting the lives of people around the world, this industry is in fact responsible for significant emissions of greenhouse gases,” said CEO Takeshi Hashimoto. “Therefore, with the aim of achieving net-zero GHG emissions through our business by 2050, we will earnestly approach ways to improve energy efficiency and develop and launch vessels that use alternative fuels such as LNG, ammonia, and hydrogen as fuel." 

MOL will invest approximately 200bn yen ($1.8bn) in the area of low carbon/decarbonisation over the next three years, it said in an April 5 note which contained the outlines of its upcoming Rolling Plan 2021. The company had in February said that it would establish a division to oversee environmental strategies and initiatives on sustainable development as part of the company's restructuring exercise. The division came into effect on April 1.  

Tokyo-based MOL is one of the largest shipping companies in the world. Its fleet includes dry cargo ships, LNG carriers, tankers, container ships, and container terminals. Its LNG tanker fleet includes the Arc-7 ice-breaking tankers used for the Yamal LNG project in Russia's far north.