MOL and Pyxis to expand electric vessel business in Singapore

Japanese shipping company Mitsui O.S.K. Lines (MOL) and Pyxis Maritime Pte (Pyxis) have signed a Memorandum of Understanding (MoU) to collaborate on the joint development and marketing of the electric vessels (EV) business in the Singapore region.

As informed, the partners will work on the development, as well as marketing for the expansion of electric vessel introduction in Japan in order to contribute to achieving zero emissions in the shipping industry.

The companies will use MOL’s maritime expertise, market networks and industry knowledge as a shipping company with Pyxis’s agility and fast execution as a start-up company to drive the mass adoption and commercialization of EVs.

MOL Group has positioned its environmental strategy as one of the key strategies. The company set the target of achieving net zero GHG emissions by 2050.

“As part of our joint efforts with Pyxis, we will work to introduce clean energy. Through this cooperative relationship, the two companies plan to engage the industry and their respective stakeholders, interweave their knowledge, and implement strategic initiatives for decarbonization while closely monitoring the adoption of environmental regulations,” MOL commented.

“I am pleased to conclude the MOU with Pyxis, which is committed to the introduction and expansion of EV vessels in Singapore. We believe this memorandum will be an important step for both companies to make a significant change in the shipping industry. Promoting the introduction of EV vessels to solve environmental issues will be one way. We believe cooperation with partners who has same ambition and trustworthy is essential to achieve that,” said Nobuo Shiotsu, Senior Managing Executive Officer of MOL.

“We are honored to partner with MOL, a global leader in the shipping industry. With the sustainability movement disrupting maritime businesses, efforts to decarbonize have become necessary to stay competitive. Our mission is to ease and boost mass adoption of EVs in the region. Together with MOL, we are confident in expanding our outreach into Japan which is one of our key markets,” said Tommy Phun, Pyxis Founder.