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Powered by shipping boom, Mitsui O.S.K. pours cash into green fuel

Japanese shipper doubles 3-year decarbonization investment to $3.5bn

Mitsui O.S.K. sees ammonia as a key alternative to carbon-spewing conventional fuels.

TOKYO -- Japanese maritime shipping company Mitsui O.S.K. Lines will up to double investment in decarbonization efforts to the order of 400 billion yen ($3.5 billion) over three years compared with previous plans, President Takeshi Hashimoto told Nikkei in an interview.

It had aimed to invest a total of 200 billion yen in greener technologies through March 2024. But three-year spending will now rise by between 100 billion yen and 200 billion yen, thanks to a "significant increase in free cash flow" from the global shipping boom, Hashimoto said.

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