Mitsui O.S.K. Lines, Ltd. (MOL) has officially signed a time charter contract with Yara Clean Ammonia Switzerland SA (YCA Switzerland), a subsidiary of Yara International ASA, the world’s largest nitrogen fertilizer manufacturer.
The contract pertains to the ammonia carrier Green Pioneer, delivered on December 25, 2023, and is slated for ammonia transportation primarily in the Pacific region, says an article published on mol website.
Summary
- Mitsui O.S.K. Lines, Ltd. (MOL) has signed a time charter contract with Yara Clean Ammonia Switzerland SA (YCA Switzerland) for the ammonia carrier Green Pioneer.
- Ammonia, traditionally used as a raw material for fertilizers, is expected to become a significant next-generation clean energy source.
- MOL and the Yara Group have been collaborating on decarbonization projects, particularly in the ammonia sector, since 2022.
- Both companies aim to establish a robust ammonia supply chain and cultivate a long-term partnership in the clean ammonia sector.
- MOL’s environmental strategy, “BLUE ACTION 2035,” aims for net-zero emissions by 2050.
- The company plans to contribute to a decarbonized society by building a solid track record in high-quality and safe ammonia transportation.
Ammonia’s Role In The Clean Energy Transition
While ammonia has conventionally served as a raw material for fertilizers, its significance is expected to rise significantly as a next-generation clean energy source, emitting no carbon dioxide during combustion. Its applications include mixed burning in coal-fired power plants and serving as a hydrogen carrier.
Collaborative Efforts In Decarbonization
MOL and the Yara Group have collaborated since signing a memorandum of understanding in 2022, focusing on decarbonization projects, particularly in the ammonia sector. The recently finalized time charter contract is a tangible outcome of this collaborative effort.
Both companies are committed to cultivating a long-term partnership in the clean ammonia sector and actively expanding their business to establish a robust ammonia supply chain.
Environmental Commitments And Strategic Vision
Positioning environmental strategy as a core element of its management plan, “BLUE ACTION 2035,” MOL has set an ambitious goal of achieving net-zero emissions by 2050 in its “MOL Group Environmental Vision 2.2.”
The company aims to contribute to the realization of a decarbonized society by building a solid track record in high-quality and safe ammonia transportation and actively participating in the broader ammonia value chain, anticipating substantial future demand for ammonia as a fuel.
Vessel Specifications
- – Length Overall (LOA): 173.70 m
- – Breadth: 28.00 m
- – Draft: 10.419 m
- – Cargo Tank Capacity: 34,500 m3
- – Delivery Date: August 2010
- – Shipyard: Hyundai Mipo Dockyard
- – Ship Management Company: MOL Tankship Management Pte. Ltd.
Contributions To Sustainability
MOL identifies “Sustainability Issues” (Materiality) as key elements for sustainable growth aligned with society. The initiative involving Green Pioneer is expected to notably contribute to the realization of “Safety & Value – Provide added value through safe transportation and our social infrastructure business” as part of MOL Group’s five sustainability issues.
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Source: mol
