Business

DNV FuelPath Model enables VLSFO use until early 2040’s for MR tankers

Hyundai Global Service, Hyundai Mipo Dockyard and DNV presented JIP results at Posidonia 2022 to help players comply with tightening environmental regulations.

Published

4 years ago

June 10, 2022

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Classification society DNV on Wednesday (8 June) said together with shipyard Hyundai Mipo Dockyard (HMD) and ship service company Hyundai Global Service (HGS), they have presented the results of a joint industry project (JIP) on eco-friendly marine solutions that can help shipowners and managers to comply with tightening environmental regulations.

The results were presented during a joint technical seminar held during the Posidonia trade fair.

The results of the second phase of the “Green tankers towards 2050” project explores the possible options for a 50,000 DWT MR tanker to comply with incoming IMO & EU greenhouse gas (GHG) regulations over the lifetime of the vessel.

In 2019, DNV and HHI group launched the first phase of the “Green tankers towards 2050” project, which focussed on developing low and zero carbon pathways for VLCCs and MR tankers.

In the second phase in 2022, HMD, HGS and DNV studied the design and operational options of a 50,000 DWT MR tanker and presented potential pathways towards two compliance goals: Meeting current IMO GHG reduction targets in the lifetime of the vessels and reaching full decarbonization by 2050.

“We believe our research results, including engineering and operational solutions, will support ship owners in developing their future strategy for ship operations and fleet renewal,” said Inho Lee, Head of engineering basic design department of HGS.

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During the seminar, HGS introduced retrofit solutions for carbon dioxide reduction and showed how digital transformations can improve operational efficiency.

HMD demonstrated how their latest 50K MR tanker design, with LNG dual fuel and Wind Assisted Propulsion System (WAPS), could lead to a 50% reduction in attained EEDI compared to the EEDI reference line. In addition, HMD projects that the new design can exceed the CII C grade ranking into 2040.

“The data analysis of MR tankers built by HMD and currently in operation were showed to be highly efficient in real world conditions,” stressed Yi Hyo Chung, Head Engineer at HMD. “We are confident to offer ships that both meet or exceed future environmental regulations, while remaining economical over the long-term.”

DNV conducted an assessment of the economic potential of different fuel strategies using the DNV FuelPath Model. This resulted in an estimation of the total cost, under a variety of possible fuel price and regulatory scenarios.

“By applying DNV’s FuelPath Model to MR tankers, DNV found that MR tankers can operate on very low sulphur oil (VLSFO) until the early 2040’s, while meeting the current IMO ambitions,” explained Christos Chryssakis, Business Development Manager at DNV Maritime.

“However, as IMO requirements can become stricter, or we see the introduction of regional regulations to reduce emissions, fuels like LNG and methanol can offer additional flexibility and options for compliance. Furthermore, the use of wind assisted propulsion systems can help reduce a vessel’s environmental footprint.”

“As a trusted partner of HHI group for some fifty years, DNV is pleased to present the results of this joint study which offers a practical vision and path to compliance for future MR tankers,” said Vidar Dolonen, Regional Manager DNV Maritime Korea & Japan.

“The maritime industry is facing the grand challenge of decarbonization, but by working together as an industry, embracing fuel flexibility, and consulting with expert partners we can help shipping reach its destination.”

Photo credit: Shaah Shahidh on Unsplash / DNV
Published: 10 June, 2022

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

10 hours ago

July 21, 2026

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Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

10 hours ago

July 21, 2026

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Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

10 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026