Mitsui OSK Lines Ltd (MOL) on Friday (2 October) announced Singapore-headquartered MOL Ocean Bulk Pte Ltd, which operates the MOL Group’s overseas Capesize bulker business, has signed a 25-year contract with Vale International, a subsidiary of Vale, to transport iron ore using two vessels.
As part of Vale’s Shipping decarbonisation strategy, the project will employ the world’s first 210,000-metric-tonne ore carriers equipped with a tri-fuel propulsion system that can run on ethanol, methanol, and conventional heavy fuel oil.
The vessels are scheduled for delivery in 2030 and will primarily carry out the transoceanic transport of the company’s iron ore.
The vessels are not only equipped with tri-fuel engines but also feature an LNG or ammonia-ready design, enabling the future use of either fuel. In addition, they incorporate a range of energy-saving technologies available for next-generation newbuilding vessels.
By providing flexibility in fuel selection according to fuel availability, decarbonisation benefits, and economic considerations, the vessels broaden practical options for reducing greenhouse gas (GHG) emissions in marine transport.
MOL said ethanol could potentially reduce carbon emissions by up to approximately 90% compared with heavy fuel oil on a full lifecycle basis, from fuel production through consumption.
“In recent years, it has attracted growing attention as a renewable fuel, and its ease of handling is expected to streamline wider adoption in marine fuel applications,” it said.
Photo credit: Mitsui OSK Lines
Published: 5 October, 2026
