Yumin Shipping (Singapore), a subsidiary of Yumin Shipping, a shipping company in Taiwan Province, China, has signed a Memorandum of Understanding (MoU) with ITOCHU Corporation, and the two sides will discuss the joint ownership and operation of ammonia-fueled ships.
According to the agreement, the cooperation between the two sides will also discuss and implement potential methods to realize decarbonization of the maritime industry, including the use of alternative fuels such as methanol and energy-saving equipment.
Yumin Shipping said that it has established solid relationships with major shippers, shipyards and shipping companies, and implemented early measures in fleet decarbonization, including owning and operating large bulk carriers powered by LNG. In addition to four self-owned LNG dual-fuel Cape bulk carriers, Yumin Shipping is currently conducting feasibility studies on installing rotor sails and carbon capture systems on its fleet and transforming the traditional fuel system into a methanol dual-fuel system.
Itochu Corporation has been promoting its comprehensive project, with the goal of developing ammonia fuel ships and establishing a global ammonia supply chain in cooperation with partners. The purpose of this cooperation with Yumin Shipping is to explore the joint ownership and operation of ammonia fuel ships. As a follow-up measure of the comprehensive project, it aims to further utilize and expand the ammonia supply chain developed and implemented in the comprehensive project.
By 2018, the greenhouse gas emissions from the international shipping industry are estimated to account for about 2.1% of the global total. The International Maritime Organization (IMO) has formulated the IMO greenhouse gas emission reduction strategy in 2023, including the goal of achieving zero net greenhouse gas emission by 2050. Ammonia is expected to become a feasible alternative to marine fuel, which will help the shipping industry achieve these goals.
At present, Yumin Shipping owns and operates a diversified fleet, including Cape of Good Hope, Panama, Post-Panama, Super Panama and Super Bulk Carrier. Cement carrier; Very large crude oil carrier (VLCC); Very large ore carrier (VLOC) and crew transfer ship (CTV) for offshore wind farms.
https://www.cnss.com.cn/html/hyqy/20240326/352664.html
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