Lloyd’s Register (LR), shipbuilder Samsung Heavy Industries (SHI) and shipping company MISC, through its subsidiary AET, have signed a memorandum of understanding (MOU) to develop and build two ships that can be fuelled on zero emissions.
All three companies are founding members of The Castor Initiative, spearheading efforts to encourage the use of green ammonia as a propulsion fuel, with the first dual-fuel tanker due to enter service by the end of 2025 and the second in early 2026.
The Castor Initiative is a multinational alliance dedicated to achieving zero emissions in the shipping industry, including MISC, LR, SHI, engine manufacturer MAN Energy Solutions (MAN), the Maritime and Port Authority of Singapore (MPA), Norwegian fertiliser company Yara International and Jurong Port ( JP).
Following the signing of this MoU, Castor Initiative members will focus on identifying green shipping corridors to facilitate the bunkering of these zero-emission very large crude carriers (VLCCs).
Driven by the shared belief of the partners that the maritime industry needs leadership and greater cooperation if the shipping industry is to meet the IMO’s greenhouse gas emissions targets, Castor Initiative members will also look into establishing an approved Training syllabus. According to the partners, ensuring that crew members are provided with up-to-date training and education is critical for the smooth operation of a zero-emission VLCC.
“In 2018, Lowe’s made it clear that the IMO’s 2050 emissions targets will require deep-sea zero-emission ships to be commissioned by 2030, and that zero-emission operations will need to be the default for most deep-sea ships delivered after 2030,” UK Lloyd’s Register chief executive Nick Brown said.
“Since then, we’ve seen the IPCC 2021 report issue a ‘Code Red for Humanity’, with many calling for net-zero emissions by 2050. With today’s announcement as deep-sea shipping moves towards molecules that contain no carbon, Lowe’s is very excited. Delighted to support this transition.”
“We are delighted to be a part of this…collaboration to pave the way for zero-emission shipping. Castor Initiative members have made impressive progress in building deep-sea zero-carbon ships over the past few years, and we believe in this new development of zero-carbon VLCCs. will accelerate the progress of the Castor Initiative and greatly help bring about a faster transformation of the energy shipping industry,” commented JT Jung, President and CEO of SHI.
“Today’s signing of the MoU is the start of more forward moves for the Castor Initiative to jointly achieve our greenhouse gas emissions targets by 2050. Our collaborative efforts have brought us to this historic moment, and we will soon be You will see MISC President and Group CEO Datuk Yee Yang Chien point out that the world’s first two zero-emission VLCCs will be owned and operated by AET.
“Getting these vessels on the water is not the only focus, ensuring the retraining of talent and the availability of bunkering facilities are key to the sustainable operation of these two new vessels.”
“It’s great to see the active collaboration within the Castor Initiative leading to a memorandum of understanding among our three Castor Initiative members to take a step together to make ammonia as a fuel a reality. The development and construction of these two zero-emission VLCCs demonstrate that ammonia as a Fuel is becoming a reality, in this marine segment as well,” said Murali Srinivasan, Senior Vice President and Commercial Director, Yara Clean Ammonia.
“This MoU marks an important milestone in our decarbonisation journey. It is an important part of our efforts to support the future of global shipping through the multi-fuel transition guided by the Singapore Maritime 2050 Decarbonisation Blueprint. Partnerships are key, global shipping The community must continue to work closely together to achieve our decarbonisation targets,” added Quah Ley Hoon, CEO of the Maritime and Port Authority of Singapore.
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Post time: Apr-06-2022