UN secretary-general calls for shipping bailouts to be tied to the Paris Agreement- Splash247
“Bailout support to sectors such as industry, aviation and shipping should be conditioned on alignment with the goals of the Paris Agreement,” said Guterres.
Damen delivers five zero emissions propulsion ferries for the Danish market- Riviera
Damen Shipyards Group has delivered five 2306 E3 ferries to Arriva Denmark in Copenhagen. Arriva will operate the vessels on behalf of Danish public transport agency Movia.
BP-Sinopec bunker venture to start fuel oil deliveries to Fujairah: source- Hellenic Shipping News
BP and Sinopec had said when the venture was announced in May 2015 that they plan to serve ports in Singapore, Fujairah, Antwerp, Rotterdam and Amsterdam, and China’s Tianjin, Qingdao, Shanghai, Ningbo and Shenzhen.
Petrobras replan refinery sets new VLSFO monthly production record- BunkerSpot
The Replan facility, which is located in the state of São Paulo, produced 148,000 cubic metres (cbm) of VLSFO in June, compared to 123,000 cbm in May.
NEWS UPDATE 6 JULY – 4 Great stories to read
“Economies are picking up so the consumption is there,” said Malek Azizeh, commercial director of Fujairah Oil Terminal. https://www.bunkerworld.com/news/157422
Idemitsu Plant Raises VSLFO Output – Ship and Bunker
Demand for high sulfur fuel oil from Japanese ship operators remains small post IMO2020
South Korea declares local SECAs – Ship Insight and Dry Bulk
The Republic of Korea (South Korea) is the latest country to announce the designation of national sulfur emission control areas, which will enter into force on 1 September 2020.
The national South Korean sulfur restrictions will apply to the following six ports, and a national sulphur emission control area has been defined for each port
RPT-Marine fuel market facing tougher Q3 as supply rises
* VLSFO market weighed down by rising supplies, weak demand
* Global fuel oil supply to increase 620,000 bpd in Q3 -analyst
* Bunker demand to remain depressed in Q3
Hong Kong Shipping Gazette News hksg.com Read the full article below:
Cosco about to complete planned scrubber installations
CHINA’s Cosco Shipping Lines (Cosco) is about to complete scrubber installations, a plan that was announced in 2019.
Three vessels owned by China Shipping Container Lines (CSCL) before Cosco acquired the group as part of the government’s move to consolidate state-owned companies, CSCL Mercury, CSCL Jupiter and CSCL Saturn, 14,000 TEU sister container ships, arrived in the Liuheng yard of Cosco Shipping Heavy Industry (Zhoushan), on June 14, 2020.
The ships are the last of 10 vessels that Cosco earmarked in 2019 for scrubber retrofits, which usually take 15 to 30 days, depending on the size of the vessel, reports Container News, Jacksonville.
The scrubbers are provided by Finnish firm Valmet, which has four production units and three service centres in China. Scrubber-fitted ships can continue burning, cheaper, high-sulphur fuel oil and comply with the International Maritime Organization’s emission regulations that became effective this year.
The scrubber system delivery for Cosco Shipping Lines will include a tailor-made open-loop scrubber system for main engine and generator engines including auxiliary systems and automation.
In its 2019 financial report, the shipping line said that as at the end of the year, scrubber installations were completed on seven of the ships. The retrofitting schedules were planned according to the route and refuelling ports of the ships, as Zhoushan is a major bunkering port in China.
CHEM Europe: Development of sustainable marine fuels
In an EU-funded research project, an international consortium aims to develop new production methods for sustainable marine fuels to replace heavy fuel oils in shipping. The use of heavy fuel oils (HFOs) contributes to global warming due to the fossil origin of these fuels and, moreover, generating non-negligible emissions of pollutants such as sulphur oxides. The IDEALFUEL project aims to create sustainable alternatives by developing new efficient and low-cost methods to produce low-sulphur heavy fuel oils from wood-based non-food biomass. OWI Science for Fuels gGmbH and TEC4FUELS GmbH are involved in the project as research partners.
Hellenic Shipping News: Mounting transport fuel stocks add new twist to VLSFO specs
Shifting fundamentals in European transport fuel markets have affected operational requirements for shipowners using VLSFO, as blenders alter feedstocks to make their economics work amid the coronavirus pandemic while the bunkering industry grapples with this year’s lower sulfur content rules.
TheStar: Shippers face financial burden
KUALA LUMPUR: The delays in collecting cargoes during the movement control order (MCO) period has resulted in accumulated charges, causing financial burden to local shippers and manufacturers, says Malaysian National Shippers’ Council (MNSC) chairman Datuk Dr Andy Seo Kian Haw.
Splash 247: China launches low- sulphur fuel futures
China has started the trading of the futures of low-sulphur fuel on the Shanghai International Energy Exchange from today.
Prior to the commencement of official trading, the exchange conducted two trials on June 13 and June 21 including daily trading and settlement.
The first day of trading commenced with a benchmark price of RMB2,368 ($335) per ton for monthly delivery contracts from January to June 2021 and the price has so far surged by around 13 % on the Shanghai International Energy Exchange.
Indepthnews: Concerted Efforts to Offset Damage Caused by Arctic Shipping
REYKJAVIK (IDN) – The polar region located at the northernmost part of Earth is warming at an accelerating rate and as sea ice continues to melt away, Arctic waters are becoming increasingly navigable to vessels carrying heavy fuel oil (HFO). HFO, which is one of the world’s dirtiest fuels, is not only virtually impossible to clean up in the event of a spill, but also produces higher levels of air and climate pollutants than other marine fuels.
Aware of the severe risks that heavy fuel oil poses to polar environments, the international shipping community has already banned its use in the Antarctic. But, as experts point out, it is now time to provide similar protection to the Arctic – an ecosystem that is equally vulnerable to disturbance and pollution.
Until recently, 76 per cent of the fuel used in Arctic shipping was HFO. Ships typically used heavy fuel oil with a sulphur concentration of 2.7 per cent. But the International Maritime Organisation (IMO) has ruled that from January 1, 2020, the maximum sulphur content of ships’ fuel oil would be 0.5 per cent instead of 3.5 per cent. Subsequently, fewer ships are now using HFO.
VPO: Stena Bulk presents low emission tanker prototype
Stena Bulk has presented a prototype of the next-generation product and chemical tanker, the IMOFlexMAX, which will reportedly reduce greenhouse gas emissions by more than 25 per cent compared to current product tankers.
Ship and Bunker: Chinese VLSFO Exports dropped in May
Exports of very low sulphur fuel oil (VLSFO) from China dropped significantly last month according to news agency Reuters, in signs of a continuing impact of the Covid-19 pandemic on global shipping demand.
Ship and Bunker: OPEC+ Compliance May Deliver $500/MT VLSFO by End of 2021
Full compliance by members of the oil producer coalition OPEC+ to its output cuts deal could see Very Low Sulphur Fuel Oil (VLSFO) prices climb above $500/MT again by late 2021, according to bunker trading company Integr8 Fuels.
Ship and Bunker: Istanbul Market Faring Well Despite 8% Drop in Bunker Sales
Local bunker suppliers in Istanbul have sounded a positive tone despite a drop in marine fuel sales following measures put in place to address the COVID-19 pandemic.
Ship and Bunker: Pacific Green Retreats From Scrubber Sales as HSFO Discount Remains Narrow
Technology company Pacific Green has decided to scale back its presence in the marine scrubber business, in the latest sign of weakening prospects for the emission cleaning technology.
The installation of 700 scrubbers was cancelled due to Covid
According to Clarksons, many works entrusted to shipyards were cancelled due to the pandemic and to the drop in the price gap between traditional bunker oil and low-sulphur fuel oil
Fujairah refiners mull switch from LSFO to light distillates as profitability plunges – traders
Key low sulfur fuel oil refineries in Fujairah belonging to Uniper and Vitol may switch to producing more profitable light distillates or mothball their refineries altogether if demand for LSFO remains depressed and prices unprofitable, traders in Fujairah said week ending June 26.
Shippingwatch: Bunker company predicts significant price increase for low-sulfur oil in 2021
If the Opec+ member states continue to comply with their agreement to lower oil production, the price of low-sulfur fuel oil could surge to over USD 500 by the end of 2020, assesses bunker company.
Motorship: KEEPING ENGINES RUNNING AMID 2020 FUEL CHALLENGES
Early reports on the variable quality of very low-sulphur fuel oils confirm research highlighting the need for robust cylinder lubrication when using the new fuel blends.
Looking back on the first three month since the implementation of IMO’s global sulphur cap, it seems that concerns over the variability of new very low sulphur fuel oil (VLSFO) blends were justified. To cite just one example, Lloyd’s Register’s Fuel Oil Bunker Analysis and Advisory Service (FOBAS) has issued three alerts on excessive sediments in VLSFO. FOBAS’ analysis shows that five percent of all VLSFO samples taken in Singapore in the first two months of 2020 had high sediment volumes. In Rotterdam the figure rises to 23%.
Bunker price spread keeps scrubber economics unfavourable By Michelle Wiese Bockmann
The price spreads being seen have extended the payback period for a scrubber capesize bulk carrier beyond five years, and more than three years for a very large crude carrier
The difference in price between high-sulphur fuel oil and the compliant 0.5% sulphur fuel oil is weakening the economic argument for scrubbers.
Hong Kong Shipping Gazette News .hksg.com
Article in full below.
TS Lines in search of new ships as Q1 profits soar 170pc to US$21.5m
CHAIRMAN of TS Lines, Chen Te Shen says controlling costs and services additions on routes with growing demand have led to the Taiwan carrier’s 170 per cent year-on-year increase in profits.
The Taiwanese operator of the intra-Asia carrier reported profits of TWD650 million (US$21.49 million), achieved by responding to challenging conditions caused by Covid-19 with the company withdrawing from the US trades and concentrating on operating intra-Asian and Asia-Australia routes. Mr Chen said the company further reduced costs by redelivering chartered vessels that were deployed on withdrawn services.
The leased fleet increased the flexibility of the company’s operations. While owning a certain percentage of newly built own ships, with high fuel efficiency, allowed the company to reduce costs further, reports Container News, Jacksonville.
Mr Chen said that there is a silver lining in the pandemic, as oil prices collapsed to an 18-year low, resulting in low-sulphur fuel oil becoming cheaper. This meant compliance with the International Maritime Organization’s emissions cap was more affordable.
“Oil prices fell sharply in March. As the fuel surcharge was calculated based on the oil price of the previous quarter, when our actual bunker costs fell, the company’s profit increased,” explained Mr Chen.
Cargoes to and from India and the Philippines declined during Q2, but TS Lines added services to Thailand and Vietnam, where cargo demand remained strong. Consequently, the carrier’s operating profit for Q2 2020 is forecast to be TWD700 million.
The chairman said: “We’ll continue to acquire vessels and commission newbuildings. Three years ago, we aimed to own five vessels. At the time, we operated 36 vessels. Today, we are operating 46 ships, including 12 owned vessels. Another three are under construction. Today’s newbuildings are fuel-efficient, but it takes two years for a vessel to be built. If there are suitable pre-owned ships in the market, we’ll consider second-hand purchases.”
BTJ 2/20 – Green loans by the book. How to embed environmental care in ship financing by Amy Lindemann, Senior Associate, Campbell Johnston Clark
The IMO 0.5% sulphur cap is now in force globally, while the Poseidon Principles, a banking code aimed at integrating climate considerations into lending decisions, have been widely adopted by many of the major ship finance banks.
Let us then explore the implications for the evolution of loan and finance lease documentation in shipping, as well as for the commercial elements of deals.
ICE LSGO futures net speculative length rises 6,045 lots on week
Speculative net long positions in ICE low sulfur gasoil futures rose 6,045 contracts to 34,899 in the week to June 16, according to ICE data June 22.
Bunkerspot: AMERICAS: Panama’s May bunker volumes slip back 5% year-on-year
New Panama Maritime Authority statistics show that May bunker volumes totalled 393,316 metric tonnes, and the month was notable for a surge in low sulphur marine gasoil sales, which almost touched the combined total for the first four months of the year.
Bunkerspot: AMERICAS: New joint venture will look to process heavy crude oil using Quadrise MSAR technology
Oil exploration, development and technology group TomCo Energy and Valkor have formed a joint venture, Greenfield, which will look at the development of an oil sands plant at Asphalt Ridge in Utah; Valkor has also granted Greenfield a licence to Quadrise MSAR emulsion fuel technology for the processing of heavy sweet crude oil into IMO 2020-compliant heavy fuel oil.
Bunkerspot: GLOBAL: VLSFO: ‘load it and use it,’ says LR’s Douglas Raitt
Emerging problems over the stability of very low sulphur fuel oils (VLSFOs) when stored for longer time frames were addressed in an online webinar today hosted by Integr8 Fuels, with Douglas Raitt, Global FOBAS Manager, suggesting that the fuel may not be ‘a formulation to be kept for a period of time’.
The webinar, which looked at bunker fuel in the current shipping market, featured a wide-ranging discussion between Raitt and Chris Turner, Manager – Bunker Quality and Claims with Integr8 Fuels, and the quality of the new VLSFOs was, not surprisingly, a key talking point.
Bunkerspot: GLOBAL: Presence of shale oil in VLSFO blends is on the up
Since 1 January 2020, the use of shale oil in blended very low sulphur fuel oils has been on the rise, with significant levels of Estonian shale oil – which can cause issues such as onboard filter clogging – having recently been seen in bunkers supplied at ARA ports, according to Douglas Raitt, Global FOBAS Manager, Lloyd’s Register.
Bunkerspot: ASIA PACIFIC: Australia increasing fines for pollution related incidents
The majority of Australian States are increasing their fines for pollution related incidents with effect from 1 July.
Ship and Bunker: Bunker Futures Contract starts at Shanghai Exchange
The marine fuel futures contract that launches today on the Shanghai International Energy Exchange is likely to attract strong interest, despite weakened ship fuel demand amid the coronavirus pandemic.
Shipping Gazette: Pandemic forces shipowners to shelve scrubber installation
SHIPOWNERS are postponing or cancelling the installation of scrubbers that extract sulphur emissions from their vessels as the coronavirus pandemic tightens finances, reports Reuters.
Regulations from UN’s agency the International Maritime Organisation (IMO), which took effect in January, were viewed by the oil and shipping industries as one of the first worldwide efforts to enforce environmental change.
The rules aimed to make ships use fuel with a sulphur content of 0.5 per cent, compared with 3.5 per cent previously. Operators had the alternative option to install devices – scrubbers – to strip out the pollutant.
In the run-up to IMO 2020, dozens of traders and shipowners, bet on installing scrubbers hoping to make a profit from buying cheaper high-sulphur fuel as the newly developed 0.5 per cent alternative would be in tight supply.
But with an average cost of US$2 million to install just one, the stakes were already high for fleet operators often facing investments of more than $100 million.
Now the industry financial squeeze, caused by a decline in demand for shipping due to the Covid-19 crisis, may mean scrubbers become less of an option for ship owners to comply with regulations.
Leading Norwegian firm Wallenius Wilhemsen, which transports cars and other vehicles, told Reuters it had cancelled scrubbers for nine ships in the past few months and postponed an additional eight until later this year or 2021.”As a result primarily of the Covid-19 pandemic, customers have significantly reduced their output of vehicles,” a spokeswoman said. “With that comes a reduction in revenues and we are taking all necessary steps to reduce cash outflows.”
Clarksons Research said it recorded a significant slowing in the number of ships already in service installing scrubbers, estimating there were under 100 vessels undergoing retrofits versus over 300 at the start of the year.
Clarksons said the number of ships pending retrofits was 750 – some of which may be postponed or cancelled – versus a peak of over 2,000 pending in the middle of 2019. They estimated there were now 3,015 ships fitted with scrubbers, from 506 at the start of 2019.
Shipping Gazette: Cargo, low fuel bright spots in worst year for aviation: IATA
THE year 2020 will go down as the worst financial year in the history of aviation because of the Covid-19 crisis, a fact that justifies an industry-wide government bailout, according to the International Air Transport Association.
IATA’s director general and CEO Alexandre de Juniac, former CEO of Air France, saw only one ray of hope. “Strong cargo operations and comparatively low fuel prices will also give the industry a boost,” he said.
“But every day of this year will add US$230 million to industry losses. In total, that’s a loss of $84.3 billion. That’s why government financial relief is crucial,” he said.
“Provided there is not a second and more damaging wave of Covid-19, the worst of the collapse in traffic is likely behind us. A key to the recovery is universal implementation of the re-start measures agreed through the International Civil Aviation Organisation (ICAO) to keep passengers and crew safe,” he said.
“Airlines will still be financially fragile in 2021. Passenger revenues will be more than one-third smaller than in 2019. And airlines are expected to lose about $5 for every passenger carried. The cut in losses will come from re-opened borders leading to increased volumes of travellers.
“That will translate into strong incentives for travellers to take to the skies again. The challenge for 2022 will be turning reduced losses of 2021 into the profits that airlines will need to pay off their debts from this terrible crisis,” he said.
Reuters: China to be self-reliant in IMO-compliant fuel – official
Chinese refiners have the capacity to produce 18.1 million tonnes of low-sulphur fuel oil (LSFO) this year, which would make the country self-sufficient in the new shipping fuel, an official with state major PetroChina said on Monday.
Ship & Bunker: Petrobras low Sulfur Focus Fuels Exports’ Rise
Big monthly increase over a year ago.
Ship & Bunker: Singapore Bunker Margins Almost Double in a Week
The premium for delivered very low sulfur fuel oil in Singa
pore over local cargo prices jumped to $25.72/mt on Friday, from $13.98/mt a week earlier.
Ship & Bunker: Singapore Sees Marginal Decline in Bunker Demand in May
Total demand at the world’s largest bunkering hub fell to 3.925 million mt in May, down by 2% from a year earlier and by 4.6% from the previous month.
Bunkerworld: EIA says total US ULSD stocks draw for first time since March
Ultra low sulfur diesel stocks in the US drew for the first time since the week that ended March 27, falling 1.22 million barrels to 160.78 million barrels during the week that ended June 12, US Energy Information Administration data released June 17 showed.
Bunkerworld :TENDER DATA: India’s HPCL sells HSFO loading July 6-8 from Mumbai
HPCL is an occasional seller of high sulfur fuel on a spot tender basis, according to market sources.
Bunkerworld: S Korea marine fuel 0.5%S differential plunges to 10-month low on weak demand
Poor demand for delivered marine fuel 0.5%S in South Korea has pushed its differential against the FOB Singapore 10 ppm gasoil assessments to a 10-month low of minus $45.35/mt on June 17, S&P Global Platts data showed.
Bunkerworld: Bunker fuel trader Glander sees FY2019-20 revenues soar amid IMO 2020 transition
Glander International Bunkering reported a 19.4% rise in total revenue in its 2019-20 fiscal year amid an eventful year for the bunker industry, the marine fuel trader said in a statement June 18.
Bunkerworld: OIL FUTURES: Crude rises as OPEC+ compliance hopes overshadow virus risks
Crude futures settled higher June 19 as the market shrugged off concerns of a coronavirus pandemic resurgence amid tighter supply outlooks.
Bunkerworld: Bunker Fuels Need to be Treated Cautiously as Dangers for Engines Can Lurk in Low Sulphur Products
As the saying goes ‘There’s no such thing as a free lunch’, and that seems to be the case with the International Maritime Organization’s mandatory legislation on the sulphur content allowable in marine fuels, at least according to specialist fuel treatment firm Aderco.
Aderco has recently released a new fuel guide intended to improve fuel performance and prevent damage to maritime diesel engines. The report follows a series of tests conducted in Belgium and Singapore on low sulphur fuels over recent months. The authors claim that the tests show that incorporating a fuel additive can help mitigate problems such as commingling whilst improving fuel stability, reducing sludge and removing water from the new fuels.
Khaleej Times: Pandemic forces ship owners to shelve anti-pollution gear
Ship owners are postponing or cancelling the installation of “scrubbers” that extract harmful sulphur emissions from their vessels as the coronavirus pandemic tightens finances.
Regulations from United Nations agency the International Maritime Organization (IMO), which took effect in January, were viewed by the oil and shipping industries as one of the first worldwide efforts to enforce environmental change.
Khaleej Times: Three Steps for a Smooth Transition to IMO 2020: Preparation, Flexibility and Timing
During late 2019, the maritime industry was gearing up to IMO 2020. The logistical complexity and financial repercussions were going to be huge. While living and working through this step change, Hafnia Bunkers found that preparation, flexibility and timing were all essential for a smooth, efficient transition into this new reality.
Bunkerspot: GLOBAL: The Bunkerspot Debate – 2020: expectations, realities – and black swans
The first online free-to-access Bunkerspot Debate is today available to view. In this discussion, four leading maritime lawyers – Beth Bradley of Hill Dickinson, Harald Søndergaard of Hafnia Law Firm, Andrew Preston of Preston Turnbull and Steve Simms of Simms Showers – give their expert insights on IMO 2020, bunker claims, sanctions, force majeure, and the impact of COVID-19 on the marine fuel and shipping industries.
The online Bunkerspot Legal Debate is the first in a series of focused debates which will look at key trends and developments in the marine fuel sector from an operational, commercial and technical point of view.
Bunkerspot: EUROPE: EC publishes first annual report on shipping’s CO2 emissions
During the first reporting year of 2018, 11,600 ships submitted fuel consumption data and were responsible for 138 million tonnes of CO2 emissions in the European Economic Area – with containerships proving to be the largest emitters, accounting for 18% of the monitored fleet and 30% of total CO2 emissions.
Bunkerspot: EUROPE: Danish companies team up to develop sustainable fuels for road, maritime and air transport in Copenhagen area
A.P. Moller – Maersk, Copenhagen Airports, DSV Panalpina, DFDS, SAS and Ørsted have joined forces to develop an ‘industrial-scale’ facility to produce sustainable fuels for road, maritime and air transport in the Copenhagen area.
In a statement issued today (26 May), the companies said that the hydrogen and e-fuel production facility could be ready ‘as soon as 2023’ and when ‘fully scaled-up by 2030’, it could ‘deliver more than 250,000 tonnes of sustainable fuel for buses, trucks, maritime vessels, and airplanes every year’.
Bunkerspot: GLOBAL: Wärtsilä upgrades FuelFlex ICU to deal with low sulphur fuels
Wärtsilä has launched a FuelFlex Injection Control Unit (ICU) upgrading solution to meet the requirements of operating its RT-flex type two-stroke diesel engines with both residual and low-viscosity marine fuels.
In a statement issued yesterday (245 May), Wärtsilä said that the upgrade was ‘particularly relevant in view of the industry’s increasing use of low-sulphur-content fuels in order to be compliant with sulphur emission regulations’.
Bunkerspot: GLOBAL: ExxonMobil introduces next-generation multi-fuel marine cylinder oil, Mobilgard 540 X
Mobilgard 540 X, which has been formulated for use with 0.10% and 0.50% sulphur fuels – and LNG – will be available at global ports from June this year.
Announcing the launch of Mobilgard 540 X, ExxonMobil said its low base number (BN) formulation had passed stringent fit-for-use testing in newer engine designs. The product is also the first cylinder oil to be gas-validated by WinGD.
Bunkerspot: GLOBAL: Gazpromneft Q1 revenues down, but refining volumes up
Russia’s Gazpromnneft reported revenues of RUB515 billion for the first quarter (Q1) of 2020, down from RUB614 billion last year, but its refining volumes were up more than 3% to 10.3 million tonnes – and this included increased production of IMO 2020-compliant very low sulphur fuel oil (VLSFO).
Bunkerspot: EUROPE: Portsmouth International Port to pilot smart energy system
Portsmouth International Port is part of a Port Energy Systems Optimisation (PESO) project, co-funded by Innovate UK, which is intended to reduce carbon emissions and facilitate the electrification of port operations.
Bunkerspot: ASIA PACIFIC: Shanghai exchange to test LSFO futures trading
The Shanghai International Energy Exchange is to undertake a ‘mock test’ of Low Sulphur Fuel Oil futures trading between 1-12 June.
Bunkerspot: EUROPE: Norway proposes funding for ‘green recovery’ initiatives
The Norwegian government has outlined proposals for a NOK 3.6 billion strategy to cut industry GHG emissions, which could encompass battery technology, hydrogen and green shipping projects.
VPO: British Ports Association calls for boost in shore power to decarbonise shipping
The British Ports Association has issued a new report, “Reducing Emissions from Shipping in Ports: Examining the Barriers to Shore Power,” calling for the UK government to boost its support for shore power connections as a viable tool for meeting its net zero carbon emissions targets.
The report suggests that this cannot be done without public investment. The Association urges a zero-emission berth standard that would help create more certainty around investments in emissions reductions technologies.
VPO: Lubrizol joins the Getting to Zero Coalition
The Lubrizol Corporation has become the first lubricant additive technology supplier to join the Getting to Zero Coalition.
The Getting to Zero Coalition is an international group currently endorsed by 14 governments and composed of more than 100 organisations. It aims to drive the development of commercially viable, zero-emissions deep-sea ships by 2030. This partnership between the Global Maritime Forum, the World Economic Forum and Friends of Ocean Action boasts leading shipowners, ports, technology providers and fuel companies as well as academic and research institutions.
VPO: Finnlines continues EUR 500M green vessel programme
Finnish ship operator Finnlines is investing EUR 500 million to deploy ultra-green vessels as part of the company’s strategy to reduce fuel consumption and harmful emissions.
The new ro-ro vessels will be built with the latest technology available to ensure the lowest CO2 emissions. They will be equipped with lithium-ion battery systems that enable zero-emission operations in port. The first ro-ro vessel is expected to start operation as early as next year, and the other two in 2022.
Ship & Bunker: Star Bulk Sees Gains From Scrubber Spread Hedging
Dry Bulk Firm Star Bulk, one of the shipping companies most committed to scrubbers in the run-up to IMO 2020, has set out the details of a hedging programme that has gone some way to protect the company from the declining profitability of the system this year.
Ship & Bunker: Argentinian Bunker Sales Gained 70% in First Quarter
Bunker sales at Argentina’s ports jumped by 70% in the first quarter from the same period a year earlier, according to the Argentinian Petroleum and Gas Institute.
Ship & Bunker: SDE International Sees Singapore’s 2020 Bunker Demand Holding Steady
Singapore may be able to hold onto its 2019 bunker sales volumes this year despite the effect of the COVID-19 pandemic, according to consultancy SDE International.
Ship & Bunker: VPS Reports Sharp Decline in Non-Compliant VLSFO Samples
Disputes over the sulfur content of new IMO 2020-compliant fuel blends are likely to be declining, with fewer fuels now tested as being over the new 0.50% sulfur limit, according to testing company VPS.