Fortescue, COSCO Shipping agree on 'green' shipping

Australian mining giant Fortescue has inked a non-binding Memorandum of Understanding with China's COSCO SHIPPING, the world's largest shipping company, under which the two pledged to decarbonise shipping, according to posts on the websites of the two companies.

To reduce the carbon emissions along the Australia-China iron ore shipping corridor, the two firms will collaborate on constructing and deploying ammonia-powered vessels, either co-owned or owned by COSCO SHIPPING, to ship iron ore and other mineral products, the two declared. "This collaboration marks a significant step in decarbonising the