EQUATE and Maersk Line Pen Agreement to Slash Shipping Emissions

Maersk Line and EQUATE have signed a partnership agreement to decrease CO2 emissions.

Maersk Line today announced that it has signed a partnership agreement petrochemical-producer EQUATE Petrochemical Company (EQUATE), intended to decrease CO2 emissions from ocean transportation.

The agreement is noted to be based on the two companies' sustainability priorities, which aim to reduce EQUATE's CO2 emissions per container transported with Maersk Line by 15 percent from 2017 to 2020.

"In line with the company's continuous efforts to safeguard the environment, EQUATE constantly thrives to implement best practices and global standards aiming at CO2 emissions reduction with the collaboration of all its stakeholders," said Tareq Jafar Al-Kandari, EQUATE's Vice President for Technical Services.

"Based on our success with Maersk Line and other organizations, EQUATE is aspiring to implement CO2 emission reduction agreements with other contractors and suppliers, such as other ocean transportation companies, to ensure overall sustainability."

EQUATE and Maersk Line's business collaboration between 2013 and 2016, which included investments in environmentally improved vessels, network optimisation, space utilisation, and other best practices, is said to have resulted in the decreased of CO2 emissions by more than 35 percent.

"For Maersk Line jointly signing a Carbon Pact today is a milestone in our relationship with EQUATE. We are happy to contribute to EQUATE's plans to reduce the emissions in the value chain, as well as to take our business relationship further through bringing more sustainability elements into procurement practices," said Mohammad Shihab, Maersk Line's Regional Managing Director.

"With over 35 percent reduction in CO2 emissions since 2013 on our joint business, we aspire to further reduce 15 percent by 2020. With this we demonstrate that responsible business is good business."

Last year, Maersk Line announced that it had signed a similar agreement with petrochemical company Boroug, marking a commitment by both companies to reduce carbon dioxide (CO2) emissions of Boroug's ocean transportation with Maersk Line by 15 percent from 2016 to 2020.