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Argus Media: Bunkering sector needs deeper dive into B24 bio bunker fuel market

‘As we advance into 2025, the need to understand how B24 matures in terms of market fundamentals, pricing and dynamics will be a key indicator for the marine sector,’ says Mahua Chakravarty of Argus.

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Argus Media organises free admission ‘Argus Asia B24 Forum’ for bunkering sector

Ahead of Argus Asia B24 Forum, Manifold Times interviewed Mahua Chakravarty, Head of Marine Fuels Pricing (Asia) of independent global energy and commodity market intelligence provider Argus Media; she explains the growing prominence of B24 bunker fuel in the marine sector and believes it is imperative for the bunkering sector to deepen its knowledge on it:

MT: Why is it important for the bunkering sector to know more about the B24 bunker fuel market?

B24 has emerged as the first alternative marine fuel that allows ship-owners and charterers a drop-in fuel option, and make greenhouse gas (GHG) savings, for their voyages into EU and territorial waters.

It has proved to be the most practical solution for ship-owners that eliminates costly retrofitting charges. The easy availability of used cooking oil methyl ester (UCOME) as a blendstock from China and southeast Asia, also adds to its overall attractiveness as an alternative fuel.

B24 consumption in the port of Singapore recorded multi-fold jumps to touch 518,000t in 2023 as ship-owners fuelled for trials in preparation for the implementation of EU-led mandates like the EU Emissions Trading Scheme (ETS) and the Carbon Intensity Index (CII) rating. In 2024, B24 demand has continued to grow with 377,800t of consumption seen up to August, according to statistics from the Maritime and Port Authority of Singapore (MPA).

As we advance into 2025, the need to understand how B24 matures in terms of market fundamentals, pricing and dynamics will be a key indicator for the marine sector. Being the first generation of new marine fuels, B24 has shown the way that biofuel blends can provide a solution for ship-owners/charterers to meet compliance mandates set by the EU and IMO.

MT: Why has Argus developed its own B24 Singapore price index? What's so special about it and why should the industry adopt it as a benchmark?

Argus was the first to launch its spot B24 delivered on board (DOB) Singapore assessment in January 2023, thus introducing price discovery for this market at its point of inception. The past 1.5 years of daily price assessments of B24, using a robust market survey approach, has built Argus’ understanding of this market from the start.

We have seen the growth of liquidity and the quest among refiners, traders, ship-owners to find pricing solutions for a nascent market. We have been at the forefront of capturing spot liquidity growth and in assessing prices for this market.

This index is now considered a key price assessment by key refiners, traders, ship-owners and other stakeholders in the market.

MT: What takeaways can each segment of the bunkering sector such as bunker buyers, bunker traders, and shipowners receive from the upcoming Argus B24 forum?

The Argus B24 Asia Forum is aimed at showcasing some of these learnings by a global team that covers key markets like Singapore, China and Europe. Our global team will present their insights on the key trends driving demand for marine biodiesel globally.

As the marine sector marches onwards with the bunkering of higher biofuel blends, this forum will allow the audience to reflect on the key factors that have driven the marine biodiesel sector. It will provide insights to make better decisions about infrastructure, pricing, feedstock-related issues and what blends are likely to be prevalent in the coming year.

We will be hosting a panel discussion at this forum that will include key players driving the marine biodiesel space in Singapore and other regions.

The Argus Asia B24 Forum will be held in The Village Hotel (The Events Centre by Far East Hospitality), Sentosa, Singapore (Google Maps) on 8 October between 4.00pm to 7.00pm Singapore Time.

Participants are encouraged to register for the free event via the custom link here.

Related: Argus Media organises free admission ‘Argus Asia B24 Forum’ for bunkering sector

 

Photo credit: Argus Media
Published: 4 October 2024

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Alternative Fuels

ExxonMobil supplies Hapag-Lloyd with B25 bio bunker fuel blend in Antwerp

Firm supplied Hapag-Lloyd vessel “Colorado Express” with 1,320 mt of B25 bio marine fuel blend, which consisted of ExxonMobil’s Premium HDME 50™ fuel and waste-based FAME derived from UCOME.

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ExxonMobil on Thursday (7 November) said it supplied Hapag-Lloyd’s vessel Colorado Express with 1,320 metric tonnes (mt) of a B25 bio marine fuel blend in Antwerp. 

The blend consisted of ExxonMobil’s Premium HDME 50™ fuel, a 0.10% sulphur Emission Control Area (ECA) fuel, and waste-based fatty acid methyl esters (FAME) derived from used cooking oil methyl ester (UCOME).

“The ‘drop-in’ blend met the requirements of ISO 8217:2017 with the exception of the FAME component. The FAME content complied with EN 14214,” ExxonMobil said in a statement.

“The bio component was made material certified as meeting the sustainability requirements of the RED II: feedstocks not in competition with land for food production.”

ExxonMobil’s bio marine fuel blend underwent a range of tests prior to delivery in Antwerp. 

The blend offered an estimated 20.1% well-to-wake greenhouse gas (GHG) reduction compared with conventional marine fuel formulations on an energy basis.

“Hapag-Lloyd aims at having net-zero carbon fleet operations by 2045. As part of that commitment, we are continuously looking for opportunities to onboard new bio blends in our fuels mix. We appreciate ExxonMobil’s efforts to supply us with a bio blend with ULSFO, which is another step forward in our decarbonisation journey,” said Ilyas Muhammad, Head of Green Fuels at Hapag-Lloyd. 

“We successfully bunkered bio-ULSFO blend at our Colorado Express and so far our operational experience with this product is positive. We look forward to increasing bio-ULSFO consumption in the future,” said Nikolai Doerner, Senior Manager Biofuels at Hapag-Lloyd.

The Colorado Express used the bio marine fuel blend without incident; both NOx and particulate emissions were within accepted limits.

“ExxonMobil is looking for ways to support our customers [to] reduce their GHG emissions,” said Pelin Gillis, Marine Fuels Sales Manager, BNL, ExxonMobil. “We are proud to have helped Hapag-Lloyd on their journey to a lower GHG emissions future.”

“ExxonMobil has greatly extended its range of ‘drop-in’ bio marine fuel blends,” said Armelle Breneol, Marine Fuels Technical Advisor, ExxonMobil. 

“We now offer a B25 ULSFO, a B30 VLSFO, a B7 MGO and a B10 HSFO. This will help our customers access the blend they need to meet their engine operations and GHG emission reduction goals.”

 

Photo credit: Hapag-Lloyd
Published: 8 November, 2024

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Biofuel

GoodFuels delivers B30 bio bunker fuel blend to cruise ship “Norwegian Dawn”

B30 biofuel blend, produced exclusively from feedstocks certified as 100% waste and residues, was supplied by FincoEnergies in partnership with KPI OceanConnect.

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GoodFuels delivers B30 bio bunker fuel blend to cruise ship “Norwegian Dawn”

Norwegian Cruise Line’s Norwegian Dawn recently received a GoodFuels B30 sustainable biofuel blend while docked at the IJmuiden Cruise Terminal in the Netherlands, according to GoodFuels on Thursday (7 November). 

The B30 biofuel blend, produced exclusively from feedstocks certified as 100% waste and residues, was supplied by FincoEnergies in partnership with KPI OceanConnect. It offers a sustainable alternative that avoids competition with food resources. 

“By choosing GoodFuels’ sustainable biofuel, Norwegian Dawn can achieve up to 80-90% reduction in lifecycle CO₂ emissions compared to traditional marine diesel—requiring no engine modifications to realise these benefits,” GoodFuels said. 

Beyond reducing carbon emissions, biofuels contribute to cleaner air quality along cruise routes. For vessels like Norwegian Dawn, this means fewer local pollutants such as sulphur oxides (SOx), particulate matter (PM), and black carbon, ultimately benefiting both the environment and communities near these waters. 

“We’re excited to support Norwegian Cruise Line Holdings in their move toward cleaner cruising. By choosing sustainable biofuels, they’re driving down emissions and setting a strong example for the cruise industry” said Mayu Kubo, Commercial Manager, Marine Biofuels at FincoEnergies.

The initiative aligns with Norwegian Cruise Line Holdings Ltd’s ‘Sail and Sustain’ programme, which advocates for the use of renewable fuels across 40% of its fleet. 

Related: GoodFuels ceases bio bunker fuel deliveries in Singapore after near three-year run

 

Photo credit: GoodFuels
Published: 8 November, 2024

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Biofuel

GoodFuels ceases bio bunker fuel deliveries in Singapore after near three-year run

‘Whilst the GoodFuels team will continue its efforts to decarbonise global shipping from the Amsterdam office, we will be stopping all biofuel deliveries in Singapore with immediate effect,’ says Jing Xieng Han.

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Biofuel supplier GoodFuels, FincoEnergies’ sustainable fuels brand, has stopped all biofuel deliveries in Singapore with immediate effect, according to Jing Xieng Han, General Manager of GoodFuels Asia Pacific, on Wednesday (6 November). 

GoodFuels first announced the opening of its first office in Singapore in February 2022. The Singapore office was GoodFuels’ second office and its first outside of Europe. 

At the time, GoodFuels said Singapore was chosen as the target for its first international expansion because of its importance to the global shipping industry and its leading position as a key bunkering hub, with mature bunkering infrastructure that will support the delivery of marine biofuel.

Jing said FincoEnergies has decided to consolidate GoodFuels operations in the Asia Pacific and ARA regions. 

“Whilst the GoodFuels team will continue its efforts to decarbonise global shipping from the Amsterdam office, we will be stopping all biofuel deliveries in Singapore with immediate effect,” she said in a social media post. 

“Our Amsterdam team remains dedicated to furthering the decarbonization of global shipping 'the Good Way' and I wish them continued success.”

Jing also announced that she will be departing GoodFuels Asia Pacific, effective 6 November as well. 

“It has been a privilege to contribute to the integration of biofuels into the bunkering sector in Singapore over the past three years,” she said.

“The rapid evolution of the industry has been mind-blowing, and I fondly recall addressing numerous queries on the technical feasibilities of biofuels as bunker fuels when I first launched our Singapore office in early 2022.”

Related: GoodFuels opens first Singapore office to meet growing biofuel demand

 

Photo credit: GoodFuels
Published: 7 November, 2024

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