Itochu Corporation News

Imabari Shipbuilding will install a MAN B&W 7S60ME-Ammonia engine with SCR in connection with the construction of a 200,000 dwt bulk carrier for a joint venture between K Line, NS United and Itochu Corporation.The business represents one of the first projects for MAN Energy Solutions’ ammonia-powered engine that is currently under development in Denmark. MITSUI E&S will build the engine in Japan.Bjarne Foldager – Country Manager, Denmark – MAN Energy Solutions, said: “The interest in this revolutionary engine had been overwhelming…

Ammonia-to-power solutions provider Amogy announced it has signed a memorandum of understanding (MOU) with Japan-based global trading and import/export company ITOCHU Corporation to explore the potential application of Amogy’s technology on ITOCHU’s maritime vessels.Amogy has developed a modularized system that transforms liquid ammonia into electrical power. This innovative technology involves “cracking” liquid ammonia into its base elements of hydrogen and nitrogen. The hydrogen is then funneled into a fuel cell for efficient generation of electricity onboard a vessel.

Classification society ClassNK has issued an approval in principle (AIP) for an ammonia fueled 200,000 DWT type bulk carrier jointly developed by ITOCHU Corporation, Nihon Shipyard Co., Ltd., Mitsui E&S Machinery Co., Ltd., Kawasaki Kisen Kaisha, Ltd. (“K” LINE), and NS United Kaiun Kaisha, Ltd.ClassNK said it carried out the design review of the vessel in line with Part C of its "Guidelines for Ships Using Alternative Fuels”. In addition, the risk assessment through HAZID (Hazard…

Biofuels supplier GoodFuels announced it has supplied sustainable marine biofuel to NYK’s bulk carrier Frontier Explorer, in the first such delivery to a major maritime client since the company opened its Singapore office.Frontier Explorer was refueled with biofuel in a blend with VLSFO during its port call to Singapore on July 5, en route from Australia to India.The delivery was the first to be managed under GoodFuels’ partnership with ITOCHU, which was announced in May. ITOCHU was responsible for logistics…

Japanese shipping company Mitsui O.S.K. Lines, Ltd. on Tuesday announced that the company, along with ITOCHU Corporation has obtained approval in principle (AIP) from the American Bureau of Shipping (ABS) for an ammonia bunkering vessel concept.The project is part of a joint development study on ammonia fuel supply chain in Singapore. MOL, which already has experience and knowledge of liquefied natural gas (LNG) bunkering vessels, is taking part in the project together with its partners in the LNG bunkering business in Singapore-TotalEnergies Marine Fuels Pte. Ltd.

While the maritime industry faces a long ‘to do’ list for the coming three decades, Hiroaki Sakashita, CEO, ClassNK, sees decarbonization as the definitive trend that will most dramatically impact the design, construction and life-cycle operation of ships.“It is decarbonization.”Hiroaki Sakashita, CEO, ClassNK, is definitive when asked to discuss the biggest challenge facing shipowners today. “Decarbonization will change the structure of seaborne trade, ships’ specification and design, ships’ operation, and the economic mechanism of maritime transportation.

Japan-based Itochu Corporation has this week formed a joint study framework of 23 companies and organizations with the objective of collaboratively discussing common issues in pursuit of the utilization of ammonia as an alternative marine fuel, Bureau Veritas said Friday.The aim of the Joint Study Framework is to verify and organize common issues regarding the use of ammonia as a maritime fuel, which is a new challenge for maritime stakeholders. Also, BV said this was a step toward…

Russian oil and gas company Gazprom and Japanese trading house Itochu have signed a memorandum of understanding (MoU) on the proposed Baltic liquefied natural gas (LNG) export project."With this document, the parties confirmed their interest in potential cooperation in the framework of the project," said a press note from the Russian gas giant.A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Yoshihisa Suzuki, President and Chief Operating Officer of Itochu Corporation, took place in St. Petersburg on December 13.Itochu Corporation is one of Japan's largest general trading companies. It is engaged…

Mitsui O.S.K. Lines (MOL) announced that  the LNG carrier, LNG Schneeweisschen, jointly ordered by MOL and Itochu Corporation was delivered on July 31st at the Okpo shipyard by Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea.The 180,000 cbm newbuilding has entered in to a Transportation Service contract for several voyages with Uniper Global Commodities, 100% owned by one of the largest European gas and electricity companies, Uniper SE.The LNG Schneeweisschen features two new technologies - the slow-speed two-stroke engine (X-DF) made by Winterthur Gas & Diesel, which can run on natural gas, MGO and Heavy Fuel Oil, and takes main engines efficiency to the next level…

Japan imported 8.3 million metric tons of LNG in January, an increase of 1.06 million metric tons compared to the previous year. The data, released by the Japanese Ministry of Finance, also reveals that the amount the country pays for LNG imports had increased by 6.7 percent since 2015. Japan is one of the largest LNG importers in the world and it is expected that gas and LNG will continue to remain a key energy source in the future. The nation’s reliance on LNG rose in 2011 following the closure of the country’s nuclear reactors…

Kobe Steel, Ltd. said it has received an order to supply the first two screw compressors for use with marine dual fuel engines. The compressors will be installed in an LNG carrier to be owned by a 50/50 joint venture between Mitsui O.S.K. Lines Co., Ltd. (or MOL) and Itochu Corporation for Uniper Global Commodities SE, a subsidiary of Uniper SE, Europe’s one of largest power and gas companies. Uniper Global Commodities will charter the new carrier for 20 years. Plans call for Kobe Steel to deliver the compressors in August 2017 to South Korea’s Daewoo Shipbuilding & Marine Engineering Co., Ltd., which is constructing the vessel. The market size of nonstandard compressors for marine dual fuel engines is forecast to total over 20 billion yen for the coming five years…

Consolidated Grain and Barge Co. (CGB) announced plans today to expand its operations at the Port of Indiana-Mount Vernon, investing more than $31 million to increase its soybean processing capabilities in southwest Indiana. “Indiana is a state known around the world for building things and growing things, and because CGB plays a key role in both, this soybean processor is helping advance our economy,” said Governor Mike Pence. “After processing soybeans in southwest Indiana for nearly twenty years, CGB knows firsthand the benefits of operating in a state that works for business. CGB’s processing plant was constructed in 1997, at that time processing 65,000 bushels of soybeans each day into soybean meal, soybean oil and soy hull pellets for both food and industrial uses.

Oman Shipping Company (OSC) has performed the naming ceremony for two new product and chemical tankers – the Muscat Silver and Rustaq Silver. The ceremony took place at the Hyundai Mipo Dockyard in Ulsan, South Korea. OSC will now take delivery of the Muscat Silver as part of a deal which will see 10 MR tankers delivered to it over the next year. All the vessels will be chartered to Shell International Trading and Shipping Company Ltd for its Project Silver, which consists of 50 new-builds. They will each operate worldwide with 20-strong crews - including a number of Omani officers. The Muscat Silver and Rustaq Silver are both 183 metres in length and 32.2 metres wide, with a depth of 19.1 metres.

Mitsui O.S.K. Lines, Ltd. announced today that through a joint venture ship-owning company with Itochu Corporation charter agreements have been signed with E.ON Global Commodities SE, a wholly owned subsidiary of E.ON SE. The joint venture also signed a deal with Daewoo Shipbuilding & Marine Engineering Co., Ltd.’s shipyard in Korea to build maximum of two new 179,900m3 liquefied natural gas (LNG) carriers to be able to fulfil the contractual requirements to EGC. MOL will manage the two new vessels, which will transport LNG from a shale gas liquefying plant in North America to Europe and other destinations around the world. EGC is the energy trading arm of E.ON SE, one of the world’s largest investor-owned power and gas companies.

LNG carrier Spirit of Hela, which is jointly owned by MOL and Itochu Corporation, has left Papua New Guinea carrying the first LNG cargo from the ExxonMobil-led PNG LNG Project, Mitsui O.S.K. Lines, Ltd. announced. The PNG LNG Project is Papua New Guinea’s first ever LNG project, and it will provide long-term supply of gas to customers in Japan and other countries. The vessel loaded LNG at the Project’s Marine Terminal, which is located near Port Moresby, the capital of Papua New Guinea. The first cargo will be delivered to Tokyo Electric Power Company. On May 14, Papua New Guinea’s Prime Minister Peter O’Neill visited the vessel for a tour.

Mitsui O.S.K. Lines, Ltd. (MOL) has been awarded two long-term charters by an ExxonMobil affiliate and its co-venture partners in its Papua New Guinea LNG Project. The charters are for MOL’s two existing 177,000 cubic meter capacity LNG carriers with the tri-fuel-diesel electric propulsion systems built in South Korea at Hyundai yards in 2010 and co-owned by Itochu Corporation (Itochu) (MOL 70% and Itochu 30%). The vessels are to be operated by MOL. Simultaneously, MOL has entered into two heads of agreement, one with the PNG LNG Project and one with an ExxonMobil affiliated company in the Gorgon Project, with the intention for MOL to construct and long-term charter a total of four LNG vessels to the projects, all of which are planned to be built in the People's Republic of China.

EnerSea Transport LLC (EnerSea) is advancing its efforts into the next phase of two international gas development and import project proposals for the Philippines and New Zealand using EnerSea's compressed natural gas (CNG) marine transport and storage systems and services. The two gas supply projects are being led by Unocal Corporation and Oil Search Limited, respectively. EnerSea along with Oil Search and Itochu Corporation have signed a Pre- Development Agreement to perform a comprehensive feasibility study to establish the viability of a large scale CNG transportation project to ship natural gas from Papua New Guinea (PNG) to New Zealand.