Oldendorff Carriers has signed a Letter of Intent (LoI) with BHP, Rio Tinto, Star Bulk Carriers and the Global Maritime Forum, to jointly assess what is required to facilitate a viable green corridor, on the Australia to East Asia iron ore trade route. The group was brought together through their shared ambition and engagement in the Getting to Zero Coalition. The consortium partners each represent parts of the value chain and bring key perspectives into investigating commercial elements needed to decarbonise this trade route.
A green corridor is a shipping route between two major port hubs (including intermediary stopovers) on which the technological, economic, and regulatory feasibility of the operation of zero-GHG emissions ships is tested, using both public and private actions. The green corridor concept establishes a working example to accelerate progress in understanding and tackling the significant challenges associated with decarbonising shipping.
Route-specific green corridors simplify the challenge by reducing variables such as routes, cargoes, and fuels, with regulatory bodies and participating stakeholders. The green corridor can create an enabling ecosystem with targeted regulatory measures, financial incentives, and safety regulations, which are necessary to facilitate early uptake of sustainable fuels. We hope that our Green Corridor structure can help reduce some of the complex variables and risks that otherwise delay the investment and commitments required to advance ammonia as a fuel for the future for shipping.
Oldendorff is delighted to be part of this important initiative, working with like minded coalition partners, to help reduce the carbon footprint of shipping.