Mining Firm Backs Green Shipping in spite of U.S. Opposition at COP 30 [Forbes]
FORTESCUE METAL GRP S/ADR (FSUGY)
NASDAQ:AMEX Investor Relations:
fmgl.com.au/investors
Company Research
Source: Forbes
This ship is not owned by some environmental activist group but rather by the Australian iron ore mining company Fortescue Metals to showcase their prototyping of climate-friendly ammonia fuel. When the ship was first unveiled to the public two years ago at COP28 in Dubai, there were plenty of naysayers about the future of alternate fuels in shipping. The company now sees their investment beginning to take tentative traction as major engine manufacturers invest in commercializing ammonia powered engines. Hurdles remain as the source of ammonia also needs to be clean and ports need to establish appropriate infrastructure to support such engines. Most of the Green Frontier's voyages are still fueled on two of its backup diesel engines due to logistical challenges. Nevertheless, the company deserves credit for taking on the investment risk in such a project to showcase the prospects for a green transition in shipping. If properly sourced, and with appropriate safeguards against fugitiv
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