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Argus launches Carbon Cost of Freight indexes for pricing of emissions from ships

CCF indexes are based on the type and amount of fuel consumed on each voyage, using assumptions about vessel specifications, speed and fuel consumption, amongst others.

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Energy and commodities price reporting agency Argus on Tuesday (16 August) said it has launched daily Carbon Cost of Freight (CCF) indexes to help businesses involved in transporting a wide range of commodities with accurate pricing of the emissions from their ships. 

Offsetting shipping emissions is becoming compulsory under EU legislation passed this summer.

The Argus CCF prices give an insight into the cost of emissions generated when moving crude oil, refined products, LPG, coal, iron ore, grains and petroleum coke into or from the EU. They are published as lump sums paid per cargo and as $/t rates, as well as in $/bl for certain crude grades.

The European Parliament on 22 June voted to speed up the inclusion of shipping emissions into the EU emissions trading system (ETS). Shipowners will be obligated to hold EU emissions allowances for their emissions on trade routes that include calling at EU ports. The latest proposal states that from 2024, shipowners would have to cover 100pc of their emissions if the voyage is between EU ports. For voyages that start or end in an EU country, it would be 50pc of emissions for 2024-26, increasing to 100pc from 2027.  

The new legislation means that there will be an additional cost for every tonne or barrel of cargo imported to or exported from the EU, which will have to be accounted for by both shipowners and participants involved in trading the commodities that are being shipped. Argus CCF indexes provide the market with accurate references to manage this exposure.

"As the energy transition gains pace, the effect that freight will have on commodity trade will only grow in complexity," Argus Media chairman and chief executive Adrian Binks said. "So we are delighted to offer Carbon Cost of Freight indexes to the market as a tool for participants to deal with that complexity."

Argus CCF indexes are based on the type and amount of fuel consumed on each voyage, using assumptions about vessels specifications, speed and fuel consumption, both while at sea and during port operations. All assumptions are the product of an extensive market survey and are reviewed regularly.

The CO2 price component is the Argus assessment of the December-delivery EU ETS allowance price, converted to $/t. The new indexes are part of the daily Argus Freight service.

 

Photo credit: Argus Media
Published: 18 August, 2022

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Biofuel

Pinnacle Marine and Abo Shoten ink MoU for B100 trial in Singapore

Pinnacle will carry out a 1,000-hour B100 biodiesel trial on an aluminium harbour craft in Singapore; Abo Shoten will contribute funding to support construction and operational expenses of the trial vessel.

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Pinnacle Marine and Abo Shoten ink MoU for B100 trial in Singapore

Singapore-based shipbuilding firm Pinnacle Marine on Wednesday (13 November) said it signed a Memorandum of Understanding (MOU) with Abo Shoten, Ltd. to launch a collaborative research project centred on a full biodiesel (B100) trial.

Pinnacle will carry out a 1,000-hour B100 biodiesel trial on a 16-metre aluminium harbour craft within Singapore’s port waters. Other partners are NTU’s Maritime Energy & Sustainable Development Centre of Excellence (MESD), Weichai Singapore Pte Ltd, and China Classification Society.

“As part of the agreement, Abo Shoten will contribute funding to support the construction and operational expenses of the trial vessel,” Pinnacle said in a social media post. 

“This MOU aligns with Abo Shoten’s Sustainable Development Goals, which emphasise sustainable practices, maritime decarbonisation, and environmental stewardship - principles that closely align with Pinnacle’s commitment to sustainability.”

The MOU was formally signed by the CEOs, Mr. Ren Wada of Abo Shoten and Mr. Fabian Lim of Pinnacle Marine.

“We look forward to continued collaboration with our partner in advancing maritime decarbonisation, including the construction, delivery, and successful operation of this research harbour craft powered by B100 biodiesel in our port waters,” the firm added.

Manifold Times previously reported Pinnacle signing a Research Collaboration Agreement with NTU Maritime Energy & Sustainable Development Centre of Excellence (MESD), Weichai Singapore Pte Ltd, and the China Classification Society.

Related: Biodiesel sea trial to be conducted on harbour craft in Singapore

 

Photo credit: Pinnacle Marine
Published: 14 November, 2024

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Winding up

Singapore: Liquidators set creditors meeting for An Shun Shipping, Dai Hai Shipping

Meetings will be held via videoconference at 11am and 2pm (Singapore time) respectively on 27 November, according to Government Gazette notices.

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Meetings for creditors of An Shun Shipping Pte Ltd and Da Hai Shipping Pte Ltd, which is in liquidation, has been scheduled to take place on 27 November, according to several Government Gazette notices on Wednesday (13 November). 

The meetings will be held via videoconference at 11am and 2pm (Singapore time) respectively. 

The agenda of the meetings will be as follows:

  • To approve the Liquidator’s remuneration plus disbursements with applicable GST incurred in the period of the Company’s liquidation from 21 January 2022 to 30 September 2023; and
  • Any other business.

The details of the liquidators are as follows:

Yit Chee Wah
Liquidator
c/o One Raffles Quay
#27-10 South Tower
Singapore 048583

Note:

  1. Proxies to be used at the meeting must be lodged with FTI Consulting (Singapore) Pte Ltd, via email to [email protected] by 12:00 p.m. (Singapore time) on 26 November 2024. Secured creditors (unless they surrender their security) must give particulars, the date the security was received and its value if they wish to vote at the Meeting.
  2. The Meeting shall be held by videoconference only. Details of the videoconference will be provided to only those creditors, via email, who have registered their interest in attending the Meeting via videoconference.

 

Photo credit: Benjamin Child
Published: 14 November, 2024

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Ammonia

KR and partners to develop safety guidelines for ship-to-ship ammonia bunkering

KR, HD KSOE, HD HHI, KSS Line, and Liberian Registry will work together to develop standardised safety procedures that will set international benchmarks for ship-to-ship ammonia bunkering.

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KR and partners to develop safety guidelines for ship-to-ship ammonia bunkering

Classification society Korean Register (KR) on Wednesday (13 November) said it has formed a landmark partnership to develop the safety guidelines for ship-to-ship ammonia bunkering through a Memorandum of Understanding (MoU) with HD Korea Shipbuilding & Offshore Engineering (HD KSOE), HD Hyundai Heavy Industries (HD HHI), KSS Line, and the Liberian Registry.

As the demand for ammonia-fuelled vessels rises, the partnership aims to establish robust safety standards for STS ammonia bunkering, an efficient method for supplying fuel to ammonia-fuelled vessels. 

“The safe bunkering of alternative fuels, like ammonia, requires rigorous risk assessment and the establishment of controlled zones,” KR said in a statement. 

“While standards for LNG and methanol bunkering have already been defined through various international industry standards, ammonia currently lacks relevant guidelines, highlighting the urgent need for the partnership’s research.”

To address this industry need, the five organisations involved will work together to develop standardised safety procedures that will set international benchmarks for ship-to-ship ammonia bunkering.

As part of the initiative, HD KSOE will perform risk assessments aligned with international industry standards, while HD HHI and KSS Line will utilise their expertise and experience in alternative-fuel vessels and ammonia carriers to evaluate controlled zones and safety procedures for ammonia STS bunkering. 

KR will verify the compliance of these safety procedures and issue an Approval in Principle (AIP) certificate. The Liberian Registry, overseeing the world’s largest registered fleet, will further review the validity of these safety procedures.

KIM Yeontae, Executive Vice President of KR’s technical division, said: “With the expected rise in ammonia bunkering demand driven by the construction of more ammonia-fueled vessels, this collaborative effort to establish safety standards is highly significant.”

“Through this partnership, KR is committed to advancing ammonia fuel technology and supporting the industry’s decarbonisation efforts.”

KIM Jungsik, Managing Director of the Korea Office at the Liberian Registry, said, “Just as we observed with the initial adoption of LNG STS bunkering, it is critical to establish regulations and procedures for ammonia as well.”

“Our Innovation and Energy Transition team will thoroughly review the safety protocols and support the development of international standards.”

 

Photo credit: Korean Register
Published: 14 November, 2024

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