Rio Tinto – Maritime industry partners with leading global mining companies to support Green Iron Ore Corridor between Australia and East Asia

Australia – A consortium, led by the Global Maritime Forum and comprised of BHP, Rio Tinto, Oldendorff carriers and Star Bulk Carriers Corp.today signed a Letter of Intent (LOI) to assess the development of a Green Iron Ore Corridor between Australia and East Asia.

To mobilize demand for green shipping and scale zero or near zero greenhouse gas emissions shipping, governments and industry decision makers are increasingly looking to enable and simplify the task of decarbonizing the maritime sector by establishing green corridors: specific maritime routes where the economics, infrastructure and logistics of zero or near-zero emission maritime transport are more feasible and rapid deployment can be supported by targeted policy and industry action.

“Zero greenhouse gas emission pathways require the creation of a parallel value chain that involves new ways of working, new contractual relationships and drives the development of decarbonized fuel production and infrastructure. This new collaboration on the Iron Ore Green Corridor is an important step towards the possibility of zero or near-zero greenhouse gas emission transportation, both on the supply and demand side,” states Johannah ChristensenCEO of Global Maritime Forum.

Last year, the Getting to Zero Coalition report The Next Wave demonstrated how green corridors can be designed, prioritized and designed with a pre-feasibility study for an iron ore road between Australia and East Asia. The study suggested that green ammonia is the likely fuel choice for this corridor based on favorable production conditions, a favorable regulatory environment and willing stakeholders.

To take the study further, the consortium parties intend to jointly assess the green ammonia supply, bunkering and first-mover support mechanisms necessary for their participation in a viable market. Australia for East Asia Green Corridor iron ore.

“BHP’s membership in this Green Corridor consortium demonstrates the importance we place on focused exploration and partnerships in identifying decarbonization pathways for the maritime sector. As one of the largest bulk shippers in the world, we recognize this opportunity and have announced a number of partnerships across our value chain to seek to expedite the process,” says Mr. Rashpal BhattiVice President of Maritime Excellence and Supply Chain at BHP.

Through the work of the consortium and input from the wider supply chain, the partners aim to develop a framework as a preparatory step for real-world implementation of a shipping value chain. green iron ore.

Laure Baratgin, Head of Commercial Operations at Rio Tinto, said: “As a leading charterer, we recognize that we have an important role to play in decarbonising our own shipping and wider industry. This collaboration is another important step towards accelerating the delivery of our shipping climate commitments, as part of Rio Tinto’s broader goal of net zero emissions by 2050 and reduced 50% by 2030, and supports efforts to provide our customers and partners with sustainable value-chain solutions.’

The results of the Green Corridor collaboration aim to lay the foundations for the actual implementation of the Green Corridor.

“Focusing on the feasibility of decarbonizing specific trade routes around the world is an indispensable step in laying the foundation for the maritime energy transition. In line with our vision to lead industry efforts to phase out GHG emissions, Star Bulk is committed to partnering with other pioneers to enable progress in this multidimensional challenge, but so critical to our future,” said Charis Plakantonaki, Chief Strategy Officer at Star Bulk Carriers Corp.

The new consortium will facilitate robust public-private dialogue to explore the conditions that need to be in place to mobilize demand and to scale zero- or near-zero emissions shipping on the corridor in a feasible manner.

Pierre Twiss, CEO and President of Oldendorff Carriers, said, “Oldendorff Carriers is delighted to be working with like-minded industry leaders to accelerate shipping decarbonization solutions. We view our commitment to environmental stewardship as an urgent obligation and participating in the establishment of a green corridor on one of the most important trade routes is a big step forward.

On Global Maritime Forum

Global Maritime Forum is an international non-profit organization dedicated to shaping the future of global maritime commerce to increase long-term sustainable economic development and human well-being.

About BHP

BHP is a leading global resource company with approximately 80,000 employees and contractors, primarily in Australia and the Americas. BHP’s products are sold worldwide and are among the world’s leading producers of major commodities including iron ore, copper, nickel and metallurgical coal.

About Oldendorff Carriers

Operating a fleet of approximately 700 vessels, Oldendorff Carriers is one of the largest dry bulk shipping companies in the world. The company transports around 380 million tonnes of bulk cargo annually, calling at ports in 118 countries. Additionally, Oldendorff Carriers provides its customers with deep-sea bulk transshipment solutions in 10 locations where port access is limited.

About Rio Tinto

Rio Tinto produces high quality iron ore, copper, aluminum and minerals that play a critical role in the low carbon transition. We have placed the low-carbon transition at the heart of our business strategy: combining investments in raw materials that enable the energy transition with actions to decarbonize our operations and our value chains. As a result, our strategy and approach to climate change is supported by strong governance, and we are strengthening our processes and capabilities to enable us to achieve net zero emissions by 2050.

On Star Bulk Carriers Corp.

Star Bulk is the largest listed dry bulk shipping company in the United States and owns and operates a diverse fleet of 128 modern dry bulk vessels. Aspiring to lead the way in sustainable dry bulk transportation globally, Star Bulk transports major and minor dry bulk cargoes around the world safely, efficiently, and in an environmentally and sustainable way. society.

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