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Benzinga
Benzinga
Business
Akanksha Bakshi

Star Bulk Inks Joint Letter Of Intent To Develop Iron Ore Green Corridor

NYSE SBLK Australia BHP Group LTD Nasdaq Rio Tinto PLC East Asia
  • Star Bulk Carriers Corp (NASDAQ:SBLK) has signed a joint letter of intent to establish a consortium to assess the development of an iron ore Green Corridor between Australia and East Asia.
  • The consortium is led by the Global Maritime Forum, and its partners include BHP Group Ltd (NYSE:BHP), Rio Tinto plc (NYSE:RIO), and Oldendorff Carriers GmbH & Co. KG.
  • Green Corridors are shipping routes where the economics, infrastructure, and logistics of zero- or near-zero-emission shipping are more feasible.
  • The consortium members seek to jointly examine green ammonia supply, bunkering, and first-mover support mechanisms required to participate in a sustainable Australia-East Asia iron ore Green Corridor.
  • The partners intend to establish a framework as a preliminary step toward the real-world implementation of a green iron ore shipping value chain.
  • Price Action: SBLK shares are trading lower by 3.46% at $26.51 on the last check Wednesday.
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