China's COSCO Shipping Corporation and Australia's Fortescue signed a preliminary agreement to jointly build a green fuel supply chain to help reduce pollution in the shipping industry.

The memorandum of understanding (MoU) is committed to exploring the construction and deployment of green ammonia-fueled ships owned by COSCO or jointly owned by both parties to transport iron ore and other minerals, thereby minimizing carbon emissions in the China-Australia iron ore shipping corridor.

Fortescue is an integrated green technology, energy, and metals company and the world's fourth-largest iron ore supplier. COSCO Shipping will be committed to strengthening cooperation with global partners to promote the sustainable development of the shipping industry.