MOL and Tata Steel explore GHG emissions reduction technologies to deploy an environment friendly bulk carrier
Mitsui O.S.K. Lines, Ltd., a leading global marine transport group, MOL Drybulk Ltd., 100% subsidiary of MOL and is a specialized unique entity for dry bulk, and Tata Steel Limited which is among the top global steel companies, today announced they have signed a memorandum of understanding (MoU) to develop and deploy an environment friendly bulk carrier.
MOL will partner with Tata Steel on this innovative project to reduce greenhouse gas emissions in its supply chain.
About Tata Steel
Tata Steel group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world's most geographically diversified steel producers, with operations and commercial presence across the world. The group recorded a consolidated turnover of US $21.06 billion in the financial year ending March 31, 2021.
A Great Place to Work-CertifiedTM organisation, Tata Steel Ltd., together with its subsidiaries, associates, and joint ventures, is spread across five continents with an employee base of over 65,000.
Tata Steel has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked amongst top 5 steel companies in the DJSI Corporate Sustainability Assessment since 2016. Besides being a member of ResponsibleSteelTM and worldsteel's Climate Action Programme, Tata Steel has won several awards and recognitions including the World Economic Forum's Global Lighthouse recognition for its Jamshedpur, Kalinganagar and IJmuiden Plants, and Prime Minister's Trophy for the best performing integrated steel plant for 2016-17. The Company, ranked as India's most valuable Metals & Mining brand by Brand Finance, featured amongst CII Top 25 innovative Indian Companies in 2020, received rating of 'A-' (leadership band) from CDP for its Climate Change disclosure and Supply Chain disclosure, Steel Sustainability Champion 2020 recognition from worldsteel, 'Most Ethical Company' award 2021 from Ethisphere Institute, Best Risk Management Framework & Systems Award (2020) from CNBC TV-18, and Award for Excellence in Financial Reporting FY20 from ICAI, among several others.
About Mitsui O.S.K. Lines, Ltd. and MOL Drybulk Ltd.
Mitsui O.S.K. Lines, Ltd. (MOL), as a global marine transport group, operates a global fleet exceeding 700 vessels, including tankers, bulkers, car carriers, ferries, which also extends to offshore projects. Under the "MOL Group Environmental Vision 2.1" announced in June 2021, MOL clarifies its commitment to achieve net zero GHG emissions by 2050 through collective efforts with all capabilities within the group.
MOL Drybulk has been established since April 2021 as a unique entity operating vessels ranging from 10,000DWT up to 100,000DWT bulk carriers, wood chip carriers and multi-purpose vessels, with the aim to provide a "one-stop service" to the customers, work collaboratively to meet their needs and provide environmental solutions to reduce the GHG emissions throughout the supply chain.
