COSCO SHIPPING, Fortescue collaborate on green development

COSCO SHIPPING and Fortescue, a global green technology, energy and metal company, have inked a Memorandum of Cooperation (MoC) in Shanghai.

Under this MoC, 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 realisation of a globally interconnected green, low-carbon, and sustainable shipping ecosystem.

As outlined in the MoC, Fortescue will 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 the China-Australia Iron Ore Green Shipping Corridor’s carbon emissions.

Fortescue stated: “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 for the shipping industry in decarbonising and establishing a green fuel supply chain. It also paves the way for collaboration on a variety of decarbonisation solutions which we believe will be integral to delivering on our ambitious target of net zero Scope 3 emissions by 2040.”

“Sustainability and decarbonisation have emerged as a new trend that propels the sustainable development of the shipping industry,” COSCO SHIPPING reported.

“COSCO SHIPPING is dedicated to prioritising 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.”

In May 2024, COSCO SHIPPING Development and Standard Chartered Bank (China) Limited engaged in a framework agreement focusing on modernising the container industry chain.

More recently, COSCO SHIPPING (North America) recently updated its cross-border logistics by launching its Savannah e-commerce warehousing and US-Mexico Cross-Border Transportation services.