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Feb. 13, 2024 Idemitsu Tanker Co.,Ltd. IINO Kaiun Kaisha, Ltd. (IINO Lines) Nippon Yusen Kabushiki Kaisha (NYK) Nihon Shipyard Co., Ltd.
Background Decarbonization has become a significant global issue, but a stable supply of crude oil remains essential to the energy needs of Japan, which relies on the Middle East for more than 90% of the nation's crude oil imports. VLCCs transporting crude oil are thus vital to Japan's economy. To minimize greenhouse gas emissions generated during transportation, shipping companies are considering switching from conventional fuels to next-generation fuels and installing environmentally friendly equipment, such as Carbon Capture and Storage Systems (CCS), among other measures. To address these issues, Idemitsu Tanker Co.,Ltd. initiated the formation of this consortium by the four companies to study optimal solutions beyond the boundaries of each company. Initiatives Aiming to reduce greenhouse gas emissions by 40% or more compared to previous levels, the consortium will combine expertise in the four companies' respective fields to verify/select the effectiveness of next-generation fuels and environmentally friendly equipment, as well as create design concepts, with a view to ultimately building and operating VLCCs. * The largest vessel type capable of passing through the Strait of Malacca, a major shipping route of crude oil between Japan and the Middle East. 
Consortium Signing Ceremony. From left, Ryuichi Osonoe, Director of IINO Lines; Takashi Hirose, Director of Nihon Shipyard Co., Ltd.; Ichiro Matsuo, President of Idemitsu Tanker Co.,Ltd.; Hironobu Watanabe, Managing Executive Officer of NYK. Image by NYK. 
Image of Next Generation Eco-Friendly VLCC. Image by NYK. Overview of Consortium Members
Address: Chiyoda-ku, Tokyo, Japan Representative: President Ichiro Matsuo Website: www.idemitsu.com/en/tanker/ IINO Lines Address: Chiyoda-ku, Tokyo, Japan Representative: President Yusuke Otani Website: https://www.iino.co.jp/kaiun/english/ Nippon Yusen Kabushiki Kaisha (NYK) Address: Chiyoda-ku, Tokyo, Japan Representative: President Takaya Soga Website：https://www.nyk.com/english/ Nihon Shipyard Co., Ltd. Address: Chiyoda-ku, Tokyo, Japan Representative: President Yoshinori Maeta Website: https://www.nsyc.co.jp/en/ NYK Group, press release 
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