Fortescue, in cooperation with COSCO Shipping, has announced a partnership to develop and deploy vessels powered by green ammonia in an effort to reduce carbon emissions in the shipping sector. This collaboration, outlined in a non-binding Memorandum of Understanding, aims to explore sustainable shipping solutions for the transportation of iron ore and mineral products, with a particular focus on decreasing carbon emissions along the Australia-China Iron Ore Green Shipping Corridor. Fortescue Metals' CEO, Dino Otranto, emphasized the significant role of the shipping industry in global trade while acknowledging its substantial contribution to carbon emissions. The collaboration with COSCO Shipping represents a crucial step towards decarbonising the shipping industry and establishing a sustainable green fuel supply chain. The companies also intend to work together on various decarbonisation initiatives to achieve Fortescue's ambitious target of Net Zero Scope 3 emissions by 2040. Building on Fortescue's research and development efforts in utilizing hydrogen-derived fuels in shipping, the agreement with COSCO Shipping will further advance eco-friendly practices in maritime transportation. Fortescue had previously conducted a successful trial of using ammonia in a dual-fuelled vessel at the Port of Singapore, demonstrating innovation in sustainable fuel technologies. Lin Ji, Executive President of China COSCO Shipping Corporation, expressed the company's dedication to promoting green and low-carbon practices as a key development focus. By enhancing collaboration with global partners, COSCO aims to create a digital, green, and safe industry development ecosystem that supports sustainable green and low-carbon initiatives throughout the shipping industry's lifecycle.