Nippon Yusen Kabushiki part of ammonia-fuel ready vessel design
On March 3, 2022, Nippon Yusen Kabushiki, in collaboration with MTI Co. Ltd. and Elomatic Oy, produced a design for a vessel powered by ammonia and liquefied natural gas. The design process began in September 2021 and is based on the assumption that ammonia will replace traditional marine fuels. As part of this project, the company is also set to design for the use of these vessels to be integrated into other types of vehicles such as crude oil carriers, which the company estimates will be done by June 2022. The company cited that it will be done finalizing its designs by the end of 2022.
Balance SheetIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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