China COSCO Shipping and Fortescue's Green Shipping Initiative

China COSCO Shipping has partnered with Fortescue, the world's fourth-largest iron ore supplier, to develop technology aimed at reducing carbon emissions and constructing a green fuel supply chain. The collaboration will explore the use of green ammonia as marine fuel for vessels in the China-Australia shipping corridor.

China COSCO Shipping announced on Monday the signing of a memorandum of understanding (MOU) with Fortescue, the world's fourth-largest iron ore supplier. The partnership aims to jointly develop technology to lower carbon emissions and establish a green fuel supply chain.

The agreement includes plans for the construction and deployment of COSCO shipping vessels, or jointly owned vessels, using green ammonia as marine fuel. This initiative seeks to reduce carbon emissions while transporting iron ore and other minerals in the China-Australia iron ore green shipping corridor.

This collaboration marks a significant step towards more sustainable marine transportation, as both companies target substantial reductions in their carbon footprints.

(With inputs from agencies.)