Business

AET and TOTAL sign time charter agreement for two LNG dual-fuel VLCCs

Both newbuildings will be amongst the most environmentally friendly VLCCs around, as they emit 20% less CO2 GHGs, 85% less NOx and 99% less SOx than conventional vessels.

Published

5 years ago

April 8, 2020

Admin

Malaysia-based international oil product shipping company AET Tanker Holdings on Tuesday (7 April) entered an agreement with Chartering and Shipping Services SA, a wholly owned subsidiary of Total SA, for the time charter of two liquefied natural gas (LNG) dual-fuel VLCCs.

The two newbuilds are scheduled to be delivered to AET from Q1 2022.

“AET is MISC Group’s wholly owned petroleum shipping subsidiary and today’s agreement cements its global position as a world class energy logistics provider,” said Yee Yang Chien, Chairman of AET and President/Group CEO of MISC Berhad.

“We subscribe to a robust sustainability agenda which reaches into all corners of our business and includes a commitment to protect the natural environment alongside a strong focus on maintaining business stability and continuity.

“Today’s agreement with Total takes us a step further in delivering on that agenda. As a Group, we took early and bold decisions to invest in LNG dual-fuel vessels and I am pleased to see the industry responding so positively to our strategy.

“I am delighted we have made this agreement with Total and I’d like to thank them for their confidence in AET”.

The two newbuilds will be powered by LNG and will be amongst the most environmentally friendly VLCCs in the market.

When in service, they will emit around 20% less CO2 greenhouse gases than conventional vessels; 85% less NOx and 99% less SOx.

In addition, 99% fewer fine particles will be released. Immediately, these vessels comply with IMO Tier III levels, IMO 2020 sulphur cap and represent a significant step towards the IMO’s ambition to reduce carbon emissions by 50% by 2050 from a 2008 baseline.

“Total is committed to safely deliver energy while reducing its impact on the natural environment and we continuously explore all elements of our business, including our supply chain partners, to ensure minimum emissions,” comments Luc Gillet, Senior Vice President of Total Shipping & Trading

“We seek partners who share this commitment and I’m pleased that AET continues to innovate and take a leadership approach to operating in the cleanest way possible.

“We’ve partnered with AET for many years and today’s signing is the next logical step in our continuing relationship”.

“AET is investing to build efficiency in our partners’ energy logistics activities and this includes assisting them to meet their environmental targets”, says Capt. Rajalingam Subramaniam, President & CEO, AET.

“Today’s collaboration is a further example of our commitment towards Environmental, Social and Corporate Governance as well as the UN Sustainable Development Goals.

“We were among the industry leaders in building and operating LNG-powered Aframax vessels and dynamic positioning shuttle tankers and these two new ships will be our first LNG dual-fuel VLCCs.

AET currently operates two LNG dual-fuel Aframax vessels and two LNG dual-fuel Dynamic Positioning Shuttle Tankers within its global fleet.

Photo credit: AET Tanker Holdings
Published: 8 April, 2020

LNG Bunkering

Japan: MOL’s third LNG-fuelled ferry “Sunflower Kamuy” starts operation in Oarai

“Sunflower Kamuy” will serve the Oarai-Tomakomai route between Ibaraki Prefecture and Hokkaido as a replacement for the Sunflower Daisetsu, says MOL.

Published

23 hours ago

January 24, 2025

Admin

Japan: MOL third LNG-fuelled ferry “Sunflower Kamuy” starts operation in Oarai

Mitsui O.S.K. Lines (MOL) on Thursday (23 January) announced that the LNG-fuelled ferry Sunflower Kamuy, owned by MOL and operated by its group company MOL Sunflower, entered service in Oarai.

The vessel will be the third LNG-fuelled ferry operated by MOL Sunflower, following the Sunflower Kurenai and Sunflower Murasaki, which have been in service on the Osaka-Beppu route from 2023.

Sunflower Kamuy will serve the Oarai-Tomakomai route between Ibaraki Prefecture and Hokkaido as a replacement for the Sunflower Daisetsu.

Along with the sister vessel Sunflower Pirka, scheduled to enter service in early summer 2025, MOL Sunflower will operate a fleet of four LNG-fuelled ferries on the Oarai-Tomakomai route and the Osaka-Beppu route within 2025.

MOL Sunflower operates 10 ferries and 4 RoRo vessels on six routes throughout Japan, from Hokkaido to Kyushu, providing service for both logistics and passengers in Japan.

Photo credit: Mitsui O.S.K. Lines
Published: 24 January, 2025

Winding up

Singapore: Notice of preferential dividend issued for Asia-Pacific Shipyard

Creditors will need to submit proofs to liquidators of Asia-Pacific Shipyard Pte Ltd by 6 February, according to a Government Gazette notice.

Published

23 hours ago

January 24, 2025

Admin

A notice of preferential dividend for Otto Marine Limited, which is in liquidation, was published on the Government Gazette on Friday (9 September).

The following are details of the notice:

Name of Company : Asia-Pacific Shipyard Pte Ltd (In Creditors’ Voluntary Liquidation)
Unique Entity No./Registration No. : 197300183MAddress of Registered Office : 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095

Last Day for Receiving Proofs : 6 February 2025

Name of Liquidators : Ng Kian Kiat and Yap Hui Li

Address of Liquidators : c/o RSM SG Corporate Advisory Pte. Ltd., 8 Wilkie Road #03-08, Wilkie Edge, Singapore 228095

Photo credit: Drew Beamer
Published: 24 January, 2024

LNG Bunkering

SEA-LNG report: Number of LNG-fuelled vessels in operation up by over 33% in 2024

Based on its latest ‘View from the Bridge’ report, SEA-LNG reported an annual vessel growth of over 33% to 638 LNG-fuelled vessels in operation worldwide in 2024.

Published

23 hours ago

January 24, 2025

Admin

SEA-LNG report: Number of LNG-fuelled vessels in operation up by over 33% in 2024

Industry coalition SEA-LNG on Thursday (24 January) reported an annual vessel growth of over 33% to 638 LNG-fuelled vessels in operation worldwide in 2024.

This was one of the findings of SEA-LNG’s annual ‘View from the Bridge’ report, highlighting 2024 as another year of growth for the LNG pathway.

Analysing data from SEA-LNG members, the report found that global market adoption and growth reached record heights in 2024.

Looking forward, over 1,200 vessels are expected to be operating by the end of 2028. In 2024, LNG dual-fuelled vessels accounted for 70% of alternative fuelled tonnage ordered, excluding LNG Carriers, up from 43% in 2023.

This record expansion follows the growing availability of LNG bunker fuel beyond the traditional bunkering hubs. Currently, LNG bunkers are accessible in approximately 198 ports worldwide, and plans are underway for bunkering facilities in an additional 78 ports. This comes as over 60 LNG bunkering vessels are operating today, marking a 22% increase from 2023.

The ‘View from the Bridge’ report also highlights how the LNG pathway took a significant step in 2024, with liquified biomethane delivering on decarbonisation and regular renewable e-methane supplies expected in 2026.

SEA-LNG members are prepared to offer biomethane bunkers in some 70 ports globally, with multiple bunkering operations already taking place.

A highlight was the successful biomethane bunkering pilot as part of the Methane Track within the Rotterdam-Singapore Green and Digital Shipping Corridor (GDSC). This was the first practical delivery of any international Green Corridor since they were announced as part of the Clydebank Declaration at COP 26 in Glasgow.

Peter Keller, chairman of SEA-LNG, said: “Our latest View from the Bridge reaffirms the importance of the LNG pathway as a practical and realistic route to shipping’s decarbonisation now. We continue to believe that the shipping industry is heading towards a successful multi-fuel future where LNG will always play a critical role.”

“To deliver net zero by 2050 across the global shipping fleet, a basket of fuels is required and the LNG pathway will continue to lead the way. This is not a case of my fuel versus your fuel but rather which fuel best allows the industry to reach its stated goals. The LNG pathway provides the path to net zero.”

SEA-LNG’s latest report also highlights that 2024 has seen considerable progress in addressing methane slip. “Advances in eliminating methane slip, in combination with biomethane and e-methane, provide a clear, effective, and viable long-term pathway towards net zero emissions. Shipowners and operators can be confident that the vessels ordered today are future-proofed for their lifespan.”

“With a proven track record of technical improvements to reduce methane slip and upstream emissions, coupled with tighter regulations from global and regional authorities, we continue to believe methane slip will be a non-issue by the end of this decade,” Keller continued.

FuelEU Maritime will be a key regulation in advancing shipping industry decarbonisation, heading into 2025. According to analysis from SEA-LNG, FuelEU Maritime creates a favourable environment for the LNG pathway.

With the ability to achieve GHG emissions reductions of up to 23%, LNG-fuelled vessels are compliant until 2039. The use of liquefied biomethane and e-methane can extend compliance through to 2050 and beyond.

Note: The full report is available for download here.

Photo credit: SEA-LNG
Published: 24 January, 2025