Danish shipping company Maersk (MAERSKb.CO), is looking at increasing its use of ethanol as a fuel, which could reduce its dependence on China and boost the industry's decarbonisation efforts, the Financial Times reported on Sunday, citing an interview with CEO Vincent Clerc.

Clerc noted that while China dominates the market for fuels such as "green methanol", the U.S. and Brazil are the world's leading ethanol producers.

“If all the upside is only in China, then some countries will object,” Clerc told the FT. “But if the upside is more evenly distributed, then more countries will support it . . . It will make the green transition something that more countries can see an upside to.”

The shipping sector is facing more difficulty than most in lowering emissions, requiring costly retrofits on existing vessels or new ships that can operate on e-fuels.

Late last year, shipping companies Hapag-Lloyd (HLAG.DE), and North Sea Container Line (NCL) won a tender to use low-emission fuels derived from hydrogen on container ships from 2027 for at least three years to reduce CO2 emissions.

Source: Reuters 

#theshippingtribune #latestnews #shippingnews #dailynews #Maritimenews #shippingindustry #news #media #newsupdate #maritime #shippingnewsworldwide