Business

Argus Media: Low carbon marine fuels needed well before 2050

‘Low-carbon fuel technology will need to mature by the end of this decade, as we are only one generation of vessels away from 2050,’ said panellist at Sibcon 2020.

Published

6 years ago

October 12, 2020

Admin

Sammy Six of global energy and commodity price reporting agency Argus Media on Thursday (8 October) published a summary of a panel discussion regarding the adoption of alternative low-carbon bunker fuels held on the last day at the Singapore International Bunkering Conference (Sibcon).

The global marine industry will face pressure to come up with low-carbon fuels much earlier than 2050, a panel concluded during the last day of the Singapore International Bunkering Conference (Sibcon).

“Given that newbuild vessels have a lifespan of about 40 years, 2050 is much closer than we might think,” one participant said. This was echoed by another participant, who said: “Low-carbon fuel technology will need to mature by the end of this decade, as we are only one generation of vessels away from 2050.” Sibcon is being held online and under Chatham House rules, which prohibit media from quoting participants.

The International Maritime Organisation has adopted a target for the shipping industry to lower its carbon emissions by at least 50% from 2008 levels by 2050.

Shipping is the least greenhouse gas-producing form of mass cargo transportation but it is a difficult sector to decarbonise, requiring significant capital investments.

The panel agreed that it is still too early to say which alternative fuel will likely win the race, as there are different pathways to achieve decarbonisation. Among the possible solutions are LNG, biofuels, hydrogen, methanol and ammonia. For a fuel to be considered as a marine fuel, it needs to be cost-effective, widely available, scalable and have a high energy density.

Alternative fuels all have their own distinct advantages and disadvantages. LNG is the most advanced in terms of availability and cost, yet global infrastructure remains limited and it is seen mostly as a transition fuel, given its carbon emissions are only 20-25% less than diesel.

Biofuels have become more cost-efficient and are now easier to produce at scale, but it remains uncertain whether the next generations can be produced sustainably.

Hydrogen is energy dense and a mature technology, which can be produced from renewable sources, but it suffers from storage space concerns onboard a ship.

Methanol is among the top five traded commodities globally and widely available, but its supply is not guaranteed as it competes heavily in other industries such as aviation.

Ammonia can be stored at ambient temperatures as a liquid, but its energy density is low and concerns have been voiced over its toxicity issues.

Participants also agreed that a carbon tax on conventional bunker fuels will be necessary for alternative fuels to become cost-competitive in the short to medium term.

Photo credit and Source: Argus Media
Published: 12 October, 2020

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

16 hours ago

July 21, 2026

Admin

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

16 hours ago

July 21, 2026

Admin

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

17 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