BHP Group Ltd (NYSE: BHP) expects to induct three bulk carriers powered by liquefied natural gas (LNG) in six to nine months.
The move is a part of the company’s plan to cut shipping emissions. BHP is looking into the potential for biofuels to enhance its green quotient, Reuters reported.
The miner received its first two LNG-fueled vessels earlier in 2022.
BHP will get three additional carriers from shipowner Eastern Pacific Shipping by mid-2023, the report added.
Europe has been struggling to meet its energy needs and boosting LNG imports after sanctions against Russia due to its invasion of Ukraine.
The war has led to a surge in Asian LNG spot prices which is at their highest since 2010, the report specified.
To weather the volatile situation, BHP has locked in some term supplies.
The company aims to achieve net zero greenhouse gas emissions from its operations by 2050.
Price Action: BHP shares are trading higher by 1.80% at $52.59 in premarket on the last check Tuesday.
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