ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President and COO; hereinafter "ITOCHU") and U-Ming Marine Transport (S) Pte Ltd, a subsidiary of Taiwan-listed U-Ming Marine Transport Corporation (TWSE ISIN 2606; headquartered in Taipei, Taiwan; CK Ong, President and Director; hereinafter “U-Ming”)*¹ has signed a memorandum of understanding (MOU) to explore the joint ownership and operation of ammonia-fueled ships.

It is estimated that, as of 2018, the greenhouse gases emitted by the international shipping industry are approximately 2.1% of the global total, and the International Maritime Organization (IMO) has set forth the 2023 IMO GHG Reduction Strategy, aiming to achieve the target of net-zero greenhouse gas (GHG) emissions by around 2050.

ITOCHU has been promoting its Integrated Project*² with the goal of developing ammonia-fueled ships and establishing a global ammonia supply chain in collaboration with partners. The goal of the collaboration with U-Ming is to explore the joint ownership and operation of ammonia-fueled ships as a project that would be a follow up to the Integrated Project aiming to further utilize and expand the ammonia supply chain developed and implemented in the Integrated Project. Additionally, the collaboration between U-Ming and ITOCHU is not limited to ammonia-fueled ships. It will also encompass the discussion and implementation of potential methods for achieving decarbonization in the maritime industry, including the use of alternative fuels such as methanol and devices for saving energy.

U-Ming is a leading company in the maritime industry, having implemented early initiatives in the decarbonization of its shipping fleet, including the ownership and operation of large size bulk carriers powered by LNG. Through these initiatives, U-Ming has built strong relationships with major shippers, shipyards and shipping companies. Leveraging U-Ming's experience and expertise, it is expected that ITOCHU will contribute to the decarbonization of international shipping.

Through these initiatives, ITOCHU will continue to accelerate the construction of sustainable energy systems, contribute to the realization of a low-carbon society, and reduce its burdens on the global environment.