CODELCO and NBP Make Progress on World’s First Zero CO2 Emissions Handymax Bulk Carrier


On November 7, 2023, just a year after Corporación Nacional del Cobre de Chile (CODELCO), a Chilean state-owned company and one of the world’s leading copper producers, and NYK Bulk & Project Carriers Ltd. (NBP), an NYK Group company, signed a memorandum of understanding (MoU) in Singapore (November 24, 2022) to jointly study the decarbonized transportation of copper products, we can announce that substantial progress has been made through the signing of an MoU by NBP, Oshima Shipbuilding Co., Ltd. (OSHIMA) and Sumitomo Corporation (SUMITOMO) to study, design and construct the world’s first Handymax bulk carrier (ammonia dual fuel type) that will reduce CO2 emissions to zero.

This would be the first of a fleet of 10 to 15 vessels dedicated to the transport of copper products that NBP would operate from Chile to the Far East. CODELCO and NBP desire that the vessel will be developed and built by OSHIMA, which is willing to study this project together with CODELCO and NBP.

A ceremony commemorating the signing was attended by Maximo Pacheco, chairman of the board at CODELCO; Carlos Alvarado, chief commercial officer at CODELCO; Fernando Landman, general manager of CODELCO Singapore; Masashi Suda, president of NBP; Mitsunori Yuasa, executive officer at NBP; Tatsuhiko Asami, general manager of NBP’s Bulk Carrier Group No.1; Raimundo Alegría, partner of Intermar Chile; Sebastián Valenzuela, partner of Intermar Chile; Koichi Kawamura, Director at OSHIMA; Yoshifumi Tani, Deputy General Manager of OSHIMA’s Ship Sales Department; Norihiko Nonaka, Managing Executive Officer at SUMITOMO; Takanaru Toyota, General Manager of SUMITOMO’s Ship & Marine Project Dept.; Ryo Miura, Director at Sumisho Marine Co., Ltd.

Máximo Pacheco, Chairman of the Board, CODELCO:
“For me, it is a great honor to be here and to see how far we have progressed over this short period. What was an ambitious idea less than one year ago is a reality today. At CODELCO, we have the duty to be a leader for more sustainable mining for our country, and this project is a great signal to the other actors as we work to make Chile the first country in the world to demonstrate how an energy transition and GHG emissions reduction are possible.”

Masashi Suda, President, NBP:
“Based on the memorandum of understanding signed with CODELCO on November 24, 2022, NBP has been studying the decarbonization of the oceangoing transportation of copper products with the cooperation of all concerned parties. After about a year of deliberations, NBP and CODELCO have concluded a memorandum of understanding with Oshima Shipbuilding for the research, design, and construction of a Handymax bulk carrier equipped with a dual-fuel engine that can use ammonia as fuel in addition to heavy oil. This is a concrete first step towards a decarbonized society for CODELCO and NBP. NBP will continue to contribute to global decarbonization together with its customers.”

Signing ceremony
First from left, Masashi Suda, President, NBP
Second from left, Koichi Kawamura, Director, OSHIMA
Third from left, Norihiko Nonaka, Managing Executive Officer, SUMITOMO
Fourth from left, Máximo Pacheco, Chairman of the Board, CODELCO

CODELCO is the largest copper producer in the world. Its main activity is to explore, develop and exploit mining resources; process them to produce refined copper and by-products, and market them to customers around the world. It operates in seven mining divisions in Chile: Chuquicamata, Ministro Hales, Radomiro Tomic, Gabriela Mistral, Salvador, Andina and El Teniente, in addition to the Ventanas Refinery. From the Nationalization in 1971 to 2022, it has generated surpluses of US$ 168 billion for the State of Chile. It has assets of US$ 44,7 billion and equity of US$11.7 billion as of December 2022.

About NBP
NYK Bulk & Projects Carriers Ltd. was established on October 1st, 2013, as the product of a merger between NYK-Hinode Line Ltd. and NYK Global Bulk Corporation. NYK-Hinode Line Ltd. was one of the pioneers of heavy lift carriers, and NYK Global Bulk Corporation has played a significant role in the industry as one of the world’s largest specialists in handy bulk carriers. We now provide our customers with first-rate services around the world by leveraging both companies’ advanced maritime know-how, technology, and experience. We competitively operate various types of vessels to expand and develop services of all kinds to meet and exceed our customers’ needs and market demands.

About NYK
The NYK Group, headquartered in Tokyo, was founded in 1885 and is one of the world’s leading transportation companies.
The NYK Group has approximately 500 group companies and about 35,000 employees worldwide and operates around 800 vessels and air cargo and logistics businesses as its core businesses.

Further information
Contact • CODELCO

Contact • NBP, Bulk Carrier Group No.1, Latin America Team

Contact • NYK, Corporate Communication Group, Media Relations Team