The initiative involves collecting sludge and used cooking oil from maritime operators and the food industry and selling them to third-party partners for processing into biodiesel, the company said.

The company will utilize its logistics network and industry expertise to match the rising demand for sustainable waste disposal, according to a statement.

Shares were up over 20% in recent trading.

Price: 1.01, Change: +0.19, Percent Change: +23.17

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