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Itochu Corp News

22 Mar 2024

Itochu, U-Ming Mull Ammonia-Fueled Ships

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Japanese trading house Itochu Corp will study joint ownership and operation of ammonia-fueled ships with Taiwan's U-Ming Marine Transport Corp, Itochu said in a statement, as Japan is bets on ammonia to cut emissions.The shipping industry transports about 90% of world trade, and accounts for nearly 3% of the world's carbon dioxide emissions; and installing ship engines that burn cleaner fuels could help slow global warming trends.The IMO has set a target of net-zero greenhouse gas emissions by around 2050…

20 Feb 2023

US LNG Producers Poised to Leapfrog Rivals with Three New Projects

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At least three proposed U.S. liquefied natural gas (LNG) export plants have likely found enough customers to receive financial approvals this year, according to Reuters calculations, developments that would make the country the world's largest LNG exporter for years to come.After a dearth of plant approvals last decade, developers have secured dozens of long-term contracts to finance new multibillion-dollar LNG plants. The pace of approvals has accelerated as Europe has shifted…

26 Oct 2021

NYK and Partners to Develop Ammonia-fueled Vessels

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Japan's Nippon Yusen KK (NYK) and its partners said on Tuesday they will conduct a demonstration project to develop commercial vessels equipped with ammonia-fueled engines to help reduce carbon dioxide emissions to tackle climate change.The shipping industry is examining a range of technologies as it looks to meet a target set by the UN's International Maritime Organization (IMO) of reducing overall greenhouse gas emissions from ships from 2008 levels by 50% by 2050.Ammonia is used in making fertilizer and industrial materials, but is also seen as a potential future energy source, along with h

19 May 2021

MOL to Step Up Hydrogen and Ammonia Business

(Photo: MOL)

Japanese shipping company Mitsui OSK Lines (MOL) said on Wednesday it will accelerate efforts to build a global supply chain of cleaner marine energy using fuels such as hydrogen and ammonia as the world heads toward carbon neutrality by 2050."Decarbonizing ship fuel is one of our main goals," Kenta Matsuzaka, senior managing executive officer at MOL, told a news conference."We also want to contribute to global decarbonization by making use of our experience and expertise in building and owning liquefied natural gas (LNG) fuel supply vessels to create supply chains of hydrogen and ammonia…

09 Feb 2011

Venezuela Orders Crude Tankers from Itochu

According to a report from the Oil & Gas Journal, Itochu Corp. has won an order to supply four Aframax tankers to a subsidiary of Venezuela’s Petroleos de Venezuela SA (PDVSA) and has commissioned Sumitomo Heavy Industries to build the vessels. The ships will have a capacity of 104,300 dwt each and are scheduled for delivery in 2012. (Source: Oil & Gas Journal)

15 Jun 2004

New Joint Venture to Build LNG Ships

Itochu Corp. and Mitsui O.S.K. Lines Ltd. have reached an agreement with Sonatrach, an Algerian state-owned oil and gas company, to build and operate ships to transport liquefied natural gas, wire reports said. The three and a marine transport unit of Sonatrach will set up a company to build two 75,500-cu. m. LNG carriers under a 35 billion yen investment project. Japan's Universal Shipbuilding Co. will build the two carriers in 2007 and 2009, the report said, adding the carriers will be lent to Sonatrach for LNG shipping to Greece, Italy, Spain and other countries on the Mediterranean coast. Demand for LNG is growing because of rising oil prices and the fight against global warming, the report said. Algeria is one of the world's largest LNG exporters.