Shipping Giant Maersk Eyes Development Of Green Methanol Bunkering Infrastructure In Yokohama: Details

Denmark's Shipping group, A. P. Moller Maersk A/S AMKBY, on Wednesday stated that it has penned a Memorandum of Understanding (MoU) with the City of Yokohama and Mitsubishi Gas Chemical (MGC) to focus on the development of green methanol bunkering infrastructure in Yokohama, with its 16,000 TEU green methanol-powered container vessels to be delivered since 2024. 

In another development, Maersk recently stated that it would send vessels through the Red Sea after a U.S.-led coalition offered naval security against attacks by Iran-backed Houthi rebels.

This decision follows the initiation of Operation Prosperity Guardian (OPG), a U.S.-led coalition providing naval security. This development is widely celebrated within the industry as it positively impacts the efficiency and functionality of global trade.

Related: Inflation Warning For 2024: Red Sea Disruptions Causing Freight Rate Spikes And Higher Costs

On Sunday, Maersk announced the discontinuation of rerouting vessels around southern Africa due to the associated long and expensive journey, as per the FT report. 

"With the Operation Prosperity Guardian initiative in operation, we are preparing to allow for vessels to resume transit through the Red Sea both eastbound and westbound," as per the report.

Instead, the company will opt for the more direct route through the Suez Canal under the protection of the coalition.

The recently revealed multinational operation, announced by the U.S. last week, aims to enhance a naval task force in the Red Sea. Its primary objective is to secure the safe transit of commercial vessels through this crucial global trade route. The Red Sea has been a target for drone and missile attacks by the Houthis, a militia group based in Yemen, posing a threat to maritime traffic.

Price Action: AMKBY shares traded lower by 2.10% at $8.85 on the last check Thursday.

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