MOL , Tech Firm To Develop Electric Vessel Business In Singapore, Japan

Mitsui OSK Lines (MOL) has inked a Memorandum of Understanding with Singapore tech start-up Pyxis Maritime to develop the electric vessels markets in Singapore and Japan.

The partners will work on developing and marketing for the introduction of electric vessels in Japan to contribute to achieving zero emissions in the shipping industry.

The two companies plan to combine MOL’s maritime expertise, market networks and industry knowledge with Pyxis’s agility and fast execution as a start-up company.

MOL Group has positioned its environmental strategy as one of the key strategies. The company set the target of achieving net zero GHG emissions by 2050.

“We believe this memorandum will be an important step for both companies to make a significant change in the shipping industry. Promoting the introduction of EV vessels to solve environmental issues will be one way,” said Nobuo Shiotsu, Senior Managing Executive Officer of MOL.

“With the sustainability movement disrupting maritime businesses, efforts to decarbonise have become necessary to stay competitive. Our mission is to ease and boost mass adoption of EVs in the region.

‘Together with MOL, we are confident in expanding our outreach into Japan which is one of our key markets,” said Tommy Phun, Pyxis Founder.

The Maritime and Port Authority of Singapore (MPA) has mandated that by 2030, all new harbour craft in Singapore waters operate on low-carbon energy solutions and reduce emissions by 15% from 2021 levels. By 2050, all harbour craft must be fully electrical or running on net zero fuels.