Specifically, the "e5 Consortium" includes Asahi Tanker, Idemitsu Kosan, Exeno Yamamizu Corporation, Mitsui O.S.K. Lines, Ltd., Tokio Marine & Nichido Fire Insurance, Tokyo Electric Power Company, and Mitsubishi Corporation.

Through their collaboration, partners will focus on finding the best practices to reduce emissions of greenhouse gases.

What is more, collaborators further plan to establish a platform that offers innovative ocean shipping infrastructure services based on electric vessels bringing to bear the strength, technological know-how, networks, and other advantages of each member company.

In light of the situation, partners commented:

The e5 Consortium will promote the sustainable growth of coastal shipping in Japan and contribute to the nation’s social and economic development by providing added value to the coastal shipping industry through the development and introduction of advanced vessels.

During the first phase of the initiative, the consortium has scheduled to launch the world’s first zero-emission electric tanker, powered by large-capacity lithium ion batteries.

Namely, the launch of the electric vessel is estimated in March 2022, while following its delivery will then serve as the executive office for the e5 Consortium's purposes.

For the records, the e5 stands for the following five values: electrification, environment, evolution, efficiency and economics.