Container Shippers Mitigating Green Transition Risks with Dual-Fuel Vessel Orders
Container shipping companies like Maersk, CMA CGM and COSCO have ordered hundreds of new vessels in recent years meant to help their industry slash greenhouse gas (GHG) emissions to meet rising demand from customers and regulators around the globe.Their order books, however, reflect uncertainty over which of a wide array of so-called green fuels will become the standard in the decades to come, and whether supplies will be cheap and abundant enough to keep their fleets in motion.Decarbonizing…
Consort Bunkers, ClassNK, Yanmar and Taiko ink MOU on Alternative Fuel Bunkering
Consort Bunkers Pte. Ltd., ClassNK, Yanmar Asia (Singapore) Corporation Pte Ltd, and Taiko Asia Pacific Pte. Ltd. have signed a Memorandum of Understanding (MOU) to accelerate towards introduction of more bunkering ships capable of handling alternative fuels.Singapore-based Consort Bunkers placed an order with COSCO SHIPPING Heavy Industry (Guandong) Co.,Ltd. to construct four 7,999 DWT IMO Type 2 tankers, ready for biofuel and methanol bunkering. Incorporating their previous orders, a total of 13 biofuel/methanol bunkering tankers totaling over 90,000 DWT will join Consort’s fleet. ClassNK has been providing surveys and audits, Yanmar Asia has been providing main engines and generator engines…
Energy Transition: LNG Prices Plummet, Dual-fuel LNG Newbuilds Rise
Demand for liquefied natural gas (LNG) to power ships will rise this year on attractive prices, while more dual-fuel vessels join the global fleet. Prices of LNG delivered as marine fuel at the world's largest bunker hub Singapore are at steep discounts of nearly $100 per metric ton compared with conventional 0.5% very low sulphur fuel oil (VLSFO), industry sources report.That is a far cry from record premiums of more than $1,000 a ton seen in September 2023, based on data from S&P Global Platts published on industry coalition SEA-LNG's website…
The Power of Offshore Molecule Production
Energy ecosystems are evolving as the value of offshore power-to-X production is being realized.Flexible and delivered in long lengths on reels in a fast-track operation, thermoplastic composite pipeline can transfer up to nine times the amount of energy as a cable and can be used to store hydrogen, increasing the uptime of offshore wind farm generated power.That’s according to Netherlands based supplier Strohm, member of the Hydrogen Offshore Production for Europe (HOPE) project and the Dutch floating green hydrogen and ammonia OFFSET project.
OPEC Fund Partners with IRENA
The OPEC Fund for International Development has signed an agreement with the International Renewable Energy Agency (IRENA) to join the Energy Transition Accelerator Financing (ETAF) platform.The platform is a global initiative that seeks to mobilise funds for renewable energy investments. The OPEC Fund plans to support the platform with up to USD 250 million financing until 2030 to finance renewable energy solutions in its partner countries.The ETAF platform, established by IRENA and backed by the United Arab Emirates, initially aimed to mobilise at least USD one billion of capital by 2030.
US Department of Energy Releases Offshore Wind Strategy
The U.S. Department of Energy (DOE) has released its Offshore Wind Energy Strategy, a first of its kind, comprehensive summary of the Department’s efforts to meet President Biden’s goal to deploy 30GW of offshore wind energy by 2030.The strategy aims to set the nation on a pathway to 110GW or more by 2050.Deploying 30GW of offshore wind would provide enough power for 10 million homes, support 77,000 jobs, and spur $12 billion per year in direct private investment, says the DOE.The…
Ban on Russian Commodity Exports to Accelerate LNG Growth, Energy Transition - Wood Mackenzie report
War in Ukraine is transforming the outlook for the supply, demand and price of hydrocarbons and the pace and cost of the energy transition. While the precise timing and implementation of future bans on Russian commodity imports are difficult to predict, a rewriting of energy trade flows is now underway. With the global economy on a knife edge and energy prices structurally higher, there a real risk of some global supply being lost. Europe’s push for more liquified natural gas…
Driven by Energy Transition, Proserv Realigns Key Management
Proserv move sees new roles for current Group CEO David Currie, Proserv Controls CEO Davis Larssen and arrival of former RenewableUK CEO Hugh McNeal.Proserv has announced a high-level senior management and corporate realignment as the business continues to evolve and pivot towards the future energy landscape.Present Group Chief Executive Officer David Currie will become Chairman of the Board for both Proserv and sister business Gilmore Valves, the Houston based flow control specialists effective July 1st, 2022.
