Fortescue has signed a Memorandum of Understanding (MoU) with Cosco Shipping, the world’s leading shipping company, to collaborate on developing technologies to lower emissions and build a green fuel supply chain.
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This includes exploring the construction and deployment of Cosco Shipping vessels, or co-owned vessels, powered by green ammonia, to ship iron ore and other mineral products with the aim of reducing Australia-China iron ore green shipping corridor’s carbon emissions.
Fortescue Metals CEO Dino Otranto said, “The shipping industry plays a vital role in global trade however also contributes significantly to the world’s carbon emissions. This collaboration marks a significant step in decarbonising the shipping industry 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.”
This collaboration builds on Fortescue’s research and development to decarbonise shipping, having developed a green ammonia capable ship engine.
In March 2024, the Fortescue Green Pioneer received the world’s first certification to use ammonia in combination with diesel as a marine fuel, bringing the company one step closer to green shipping.
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The vessel has also successfully completed propulsion and manoeuvrability trials in the Port of Singapore.
