- 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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