Mitsui O.S.K. Lines, Ltd. (MOL) and Shell Marine Products Singapore, a business division of Shell Eastern Trading Pte. Ltd (Shell) have signed a Memorandum of Understanding (MoU) to agree a joint focus on advancement of alternative maritime solutions and managing carbon emissions liabilities holistically. The companies will harness their unique perspectives as a fuel supplier and shipping company to navigate choices in the development of green future marine fuels.

MOL group has positioned its environmental strategy as one of the key strategies in its "BLUE ACTION 2035" management plan, and is the first company in the Japanese ocean shipping industry to set the target of achieving net zero GHG emissions by 2050. The MoU will play a pivotal role in progressing MOL's decarbonisation ambitions. This will be achieved through concerted efforts to spearhead research initiatives. As part of the agreement, the two companies will look to jointly conduct trials to explore the viability of bio- and synthetic fuel options as realistic decarbonisation pathways.

The collaboration also offers an opportunity for Shell and MOL to work together to engage the industry and its stakeholders on strategic policy issues, combining their dual perspectives with the purpose of understanding and exploring practical implementations for compliance measures. As part of the agreement, the companies will also explore the effectiveness of these fuels in the context of carbon markets.

Kazuhiro Takahashi, Executive Officer at MOL, said " We are pleased to execute this MOU with Shell, one of the most prominent companies leading the decarbonisation in the shipping society. We believe this MOU will be an important step for both businesses to drive impactful change in the industry. Choices of marine fuel will require a strategic decision, then the collaboration with experienced and reliable partners is essential. "

Melissa Williams, President of Shell Marine, said "We are delighted to build upon our long-standing relationship with MOL. With this MoU, we will focus on joint studies in understanding the impact from different regulatory environments as well as exploring possible pathways for the successful decarbonisation of the shipping industry."

About Mitsui O.S.K. Lines, Ltd.

MOL was founded in 1884, and its business centers on the ocean shipping industry. Operating a fleet of about 800 vessels, it develops a variety of social infrastructure businesses. MOL has positioned its environmental strategy as one of the key strategies in its "BLUE ACTION 2035" management plan, and is the first company in the Japanese ocean shipping industry to set the target of achieving net zero GHG emissions by 2050. In April 2023, "MOL Group Environmental Vision 2.2" was established as a new roadmap to achieve net zero GHG emissions and promote the sustainable development of people, society, and the Earth. " MOL is committed to achieving the goal by adopting clean alternative fuels and promoting wider adaptation of negative emission, as a pioneering multimodal transport and a global social infrastructure group. For details, please visit: https://www.mol.co.jp/en/index.html

About Shell

Shell plc is incorporated in England and Wales, has its headquarters in London and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects. For further information, please visit www.shell.com.