Chinese Companies Sign Agreement on Decarbonizing Dry Bulk Shipping

Thirteen Chinese companies engaged in dry bulk shipping have signed the Green Shipping Initiative for the Dry Bulk Sector and released the Green Shipping Declaration in Hong Kong, signaling a more coordinated approach within the industry towards decarbonizing maritime transport.

The initiative, launched on June 26 by the China Merchants Group and organized by China Merchants Energy Shipping, brings together major shipowners from mainland China and Hong Kong involved in the transportation of key bulk commodities, including iron ore, coal, and grain.

According to the declaration, the signatories committed to supporting the International Maritime Organization's goal of achieving zero emissions by 2050 and China's dual carbon goals by promoting green technologies, accelerating the adoption of clean fuels and digital energy efficiency solutions, and strengthening cooperation on industry standards and innovations.

The initiative also positions Hong Kong as a regional hub for green shipping, maritime finance, and fuel trading, leveraging the city's role as a bridge between China's shipping sector and international markets.

Speaking at the event, Michael Wong, acting Financial Secretary of the Hong Kong government, noted that the cooperation will support both the safe transportation of vital goods and the green transition of the shipping industry. Mabel Chan, Secretary for Transport and Logistics, emphasized the importance of combining industry collaboration with policy support to accelerate decarbonization.

Additionally, Feng Boming, Vice President of China Merchants Group and Chairman of China Merchants Energy Shipping, stated that the initiative will focus on technology exchange, enhancing the green shipping ecosystem, and developing common industry standards to help dry bulk operators tackle the challenges of decarbonization.

Besides alternative fuels, the event also discussed the growing role of artificial intelligence, digitalization, and data-driven operations in improving fuel efficiency, reducing emissions, and enhancing fleet productivity.