U-Ming and Itochu plan to own and operate ammonia-fuelled ships

Tokyo-based trading specialist Itochu Corp and Taiwan’s subsidiary of Taiwan-listed U-Ming Marine Transport Corporation, U-Ming Marine Transport (S) Pte Ltd will explore the joint ownership and operation of ammonia-fuelled ships.

The two firms have signed a memorandum of understanding setting out their plans for collaboration on ammonia-fuelled shipping, Itochu said in a statement on its website.

As Itochu claims its partner U-Ming has implemented early initiatives in the decarbonization of its shipping fleet, including the ownership and operation of large size bulk carriers powered by LNG.

The MoU also outlines the exploration and implementation of other potential methods for achieving decarbonization in the maritime industry, including the use of alternative fuels such as methanol and devices for saving energy.

Itochu has been promoting its “Integrated Project” with the goal of developing ammonia-fuelled ships and establishing a global ammonia supply chain in collaboration with partners.

“The collaboration between U-Ming and ITOCHU is not limited to ammonia-fuelled ships,” Itochu Corp said in the statement.

As Itochu furthermore reports the “goal of the collaboration with U-Ming is to explore the joint ownership and operation of ammonia-fuelled ships as a project that would be a follow up to the Integrated Project aiming to further utilize and expand the ammonia supply chain developed and implemented in the Integrated Project.”

Source: Itochu Corp.