ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter "ITOCHU"), announced today that, together with the Maritime and Port Authority of Singapore (hereinafter “MPA”), Nihon Shipyard Co., Ltd. (hereinafter "Nihon Shipyard") and Nippon Kaiji Kyokai have executed a Memorandum of Understanding (“MoU”) regarding a joint study for the design and safety specifications of ammonia-fueled ships which are under development by ITOCHU and partners (“Ammonia-Fueled Ships”).

Ammonia is advancing as a viable marine fuel solution for the decarbonization of the maritime sector. The discussion for a specification of Ammonia-Fueled Ship with governmental body related to an operation of Ammonia-Fueled Ship is essential for a social implementation of Ammonia-Fueled Ship. As one of parties of the MoU, MPA, the government agency overseeing the world’s busiest bunkering hub, will review and provide their views to the designs of the Ammonia-Fueled Ships to ensure their safe operations.

This MoU is based on the premise that 200,000 deadweight ton class bulk carriers will be built by Nihon Shipyard with an ammonia dual-fueled engine by applying Alternative Design Approval^*1 process in accordance with the “Integrated project for development and social implementation of ammonia-fueled ships” which was adopted under the “Green Innovation Fund Project / Next generation Ship Development / Development of ammonia fueled ships”, a project publicly offered by New Energy and Industrial Technology Development Organization (NEDO) in October 2021^*2. The necessary clarifications of the specification for the Ammonia-Fueled Ships to carry out ammonia bunkering in Singapore will be conducted among parties of this MoU, for the commercialization of Ammonia-Fueled Ships.

ITOCHU has put forth a new management policy, “The Brand-New Deal: Profit opportunities are shifting downstream,” and is pursuing a policy of enhancing its contribution to and engagement with the SDGs through business activities” while listening to all stakeholders, including the market, society, and consumers, and will continue to contribute to the realization of a decarbonized society and sustainable local communities, and to the reduction of the burden on the global environment.