KUALA LUMPUR (Jan 16): MISC Bhd, Samsung Heavy Industries, Lloyd's Register and MAN Energy Solutions are working on a joint development project for an ammonia-fuelled tanker in efforts towards a decarbonized future.

In a statement today, the firms said the joint alliance was motivated by unison beliefs that collaboration amongst industry leaders and the like is imperative to meet the International Maritime Organisation's 2050 Greenhouse Gas emission target, which requires commercially viable deep-sea zero-emission vessels to be operational by 2030. Ammonia represents one of the routes to achieving zero-carbon emitting vessels.

Shipping's decarbonisation was a hot topic of discussion during the Global Maritime Forum, held in Singapore in October 2019, where more than 220 industry leaders met to confer on the challenges facing the global shipping industry.

MISC president and group CEO Yee Yang Chien said the drive to decarbonise shipping needs to be prioritised for the decade ahead.

"At MISC, we believe the global maritime industry needs to be more collaborative in defining our future together, rather than being confrontational and fragmented in our efforts.

"I am very glad that our distinguished partners have come together with MISC to showcase joint leadership in developing one of the pathways towards a zero-carbon future for the maritime industry," he added.

At 3.13pm, MISC shares fell 0.73% or 6 sen to RM8.15, valuing the group at RM36.38 billion.