Mitsui O.S.K. Lines, Ltd. (MOL) and Chevron Singapore PTE. LTD. have signed a Memorandum of Understanding (MoU) to reduce the carbon intensity of their maritime energy industries.

As part of this agreement, the two companies will conduct a joint research on next-generation fuels in various regions around the world, and jointly study safety measures and legislations for lower-carbon operations.

Mark Ross, President of Chevron Shipping Company, stated: “Through collaborations such as these, Chevron aims to lead in lower carbon intensity oil, products and natural gas and at the same time advance new products and solutions that reduce the carbon intensity of major industries.”

Nobuo Shiotsu, MOL Senior Managing Executive Officer, said: “MOL is honoured to have the opportunity to jointly study GHG emission reductions through this MoU with Chevron.

“First, we will study and implement all possible means, including the use of next-generation fuels and the introduction of new decarbonisation technologies such as wind power and electricity, in tankers that have been chartered for a long period of time.

“We would then like to expand these efforts to other parts of our business.”

MOL aims to increase vessel fuel economy and reduce GHG emissions through its collaboration with Chevron.

In March of this year, MOL signed a MoU to build a clean hydrogen and ammonia value chain derived from renewable energy sources in southern Thailand.

More recently, Marlink, a digital solutions provider, assisted MOL in assessing the impact of low-earth orbit (LEO) internet services on business sustainability and crew wellbeing.