Malaysian energy shipping firm MISC is planning to cut shipping emissions by aiming to run half of its fleet with LNG dual fuel propulsion by 2030, Nikkei Asian Review reports.
Yee Yang Chien, CEO of MISC, said the company plans to replace 50% of its fleet with LNG dual-fueled vessels in the next 10 years. The company took delivery of the world’s first two LNG dual-fuel tankers in early 2019, and will increase their numbers in an effort to address rising environmental concerns.
According to Chien, the company is now working on a hydrogen derivative as an option for introducing zero-carbon engines in the future and MISC is actively pursuing cooperation with other global partners to develop this.
However, Chien said the financial burden of the greener engines presents a big challenge for MISC, with each ship costing the company an extra $10m to $15m.
“It will cost more, but so far there are certain customers who are prepared to pay the extra premium for ships with reduced emissions,” Chien said.
MISC, controlled by Malaysian national energy firm Petronas, currently operates a fleet of over 60 oil tankers and 30 LNG carriers.