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Brightoil provides update on various business units

Covers Upstream, International Trading and Bunkering, Marine Transportation, and Zhoushan Oil Storage.

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Hong Kong-listed Brightoil Petroleum (Holdings) Limited Wednesday provided an update for its Upstream, International Trading and Bunkering, Marine Transportation, and Zhoushan Oil Storage and Terminal Facilities business units.

The Wednesday update was after an earlier announcement in the same week, where it introduced plans to sell the assets and/or shareholding of Zhoushan Oil Storage and Terminal Facilities, and 15 marine shipping vessels (VLCC, Aframax, Barge) of the Group.

Brightoil’s upstream business noted constructions of onshore projects related to the Dina 1 and Tuzi gas fields nearing completion and coming into commercial production period.

The annual gas production for the 2017 financial year reached a record at approximately 1.0 billion cubic meters, and is expected to reach approximately 1.2 billion cubic meters for the 2018 financial year.

The company’s International Trading and Bunkering (ITB) unit, meanwhile, is being merged with its e-commerce platform for transparent and light-asset operations.

“The trading sector has exited the oil terminal facilities business outside China and is actively researching, developing and promoting the bunkering online platform,” it says.

“Two e-commerce versions are expected to be launched in the financial year of 2019.

“In addition, in response to IMO’s new low-sulphur regulations effective from 2020, ITB team is in active discussion with international oil majors, Chinese national oil companies and regional refineries to seek responding solutions and to prepare for the new low-sulphur era.”

The Marine Transportation division has maintained the vessels’ operation rate at above 95% between January to June 2018.

Interestingly, Brightoil was able to secure its fuel costs at USD300/MT in January and February 2018 and in other period (April to June 2018) at USD415/MT.

“Ships materials procurement has been benefited from working with the shipping e-commerce team to achieve good quality with low costs,” it adds.

The Zhoushan Oil Storage and Terminal Facilities business unit pointed out Phase 1 of its construction, which provides approximately 1.94 million cubic meters of capacity and a 13-berth terminal, to be completed and put into operation by end-2018 or early 2019.

“The construction project encountered delays from its initial schedule due to innate unpredictable factors, including that the construction is on outlying islands, and that the topography and geological factors are relatively complex,” it notes.

“However, the various departments of the company have expedited the construction work; it is expected the project will be completed and commence operation as soon as practicable.”

Moving forward, Brightoil says it is currently awaiting the result of an independent investigation in order to resume work by the Audit Committee to complete the company’s review first, followed by the audit and publication of the 2017 Annual Results and the 2018 Interim Results.

“As this time, as the Review has not been completed, there is not enough information for the Company to set down a time schedule for the completion of relevant audit,” it says.

Trading in Brightoil’s shares on the Hong Kong Stock Exchange was suspended since 3 October, 2017 and is expected to remain suspended until further notice.

Related: Brightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
RelatedBrightoil: ‘Business as usual’ with HKSE’s new delisting rules
RelatedBrightoil Singapore introduces new Acting CEO
RelatedBrightoil: Singapore CEO resigns, trading halt continues
RelatedBrightoil continues suspension of trading activities
RelatedBrightoil: Delay in release of 2018 financial results
RelatedUpdate on suspension of trading
RelatedBrightoil redeems $9.6 million in outstanding bonds

Photo credit: Brightoil Petroleum (Holdings) Limited
Published: 2 August, 2018
 

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Biofuel

GCMD concludes its final biofuel blend supply chain trial with Hapag-Lloyd

bp provided the B30 biofuel blend to the “TIHAMA”, a 19,870 TEU container vessel operated by Hapag-Lloyd in final trial; marks the end of a series of trials initiated in July 2022.

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GCMD concludes its final biofuel blend supply chain trial with Hapag-Lloyd

The Global Centre for Maritime Decarbonisation (GCMD) on Thursday (18 July) said it has successfully completed its final supply chain trial for biofuel blended with very low sulphur fuel oil (VLSFO). 

This marks the end of a series of trials initiated in July 2022 as part of a larger pilot to develop a framework to provide quality, quantity and GHG abatement assurances for drop-in fuels.

In this final trial, bp provided the B30 biofuel blend to the TIHAMA, a 19,870 twenty-foot equivalent unit (TEU) container vessel operated by Hapag-Lloyd.

The biofuel component used is certified to the International Sustainability & Carbon Certification (ISCC) standard – a multistakeholder certification scheme for biobased materials. The biofuel component comprised neat Fatty Acid Methyl Ester (FAME) produced from food waste.

Authentix, a tracer solutions provider, supplied and dosed the FAME with an organic-based tracer at the storage terminal outside the Netherlands. The dosed FAME was then transported to the Port of Rotterdam for blending with VLSFO to achieve a B30 blend, before the blend was bunkered onboard the TIHAMA.

Similar to previous trials, GCMD engaged fuel testing company Veritas Petroleum Services (VPS) to witness the operations at all stages – from biofuel cargo transfer to bunkering. VPS also collected and conducted extensive laboratory tests on samples of the biofuel and biofuel blend collected at pre-determined points along the supply chain to assess quality per Standards EN 14214 and ISO 8217.

With well-to-wake emissions of 13.74 gCO2e/MJ, the neat FAME presented a 85.4% emissions reduction compared to the emissions of the fossil marine fuel. The reduced emissions complies with the MEPC 80, which requires a minimum emissions reduction of 65% in order for biofuels to be classified as sustainable.

GCMD and Hapag-Lloyd determined that consumption of the 4,500 MT B30 blend of FAME and VLSFO resulted in 27.9% emissions reduction compared to sailing on VLSFO.

A newly developed tracer deployed with this supply chain

GCMD collaborated with Authentix to develop and deploy a new organic-based tracer to authenticate the origin and verify the amount of FAME present in the blend. The proprietary tracer blended homogeneously with FAME and was detected at expected concentrations at all sampling points along the supply chain.

This trial marks the first deployment of this tracer in a marine fuel supply chain. Previously, similar tracers were used to authenticate and quantify biofuels in road transport and LPG supply chains.

Development of a comprehensive biofuels assurance framework underway

With the completion of this trial, GCMD has deployed a diverse range of tracer technologies, including synthetic DNA and element-based tracers, in addition to the organic-based tracer used in this trial. The trials have also included the development of a chemical fingerprinting methodology and the evaluation of lock-and-seal and automatic identification systems (AIS) as additional solutions to ensure the integrity of the biofuels supply chain.

Learnings on tracer limitations and benefits will be incorporated into a framework that recommends appropriate use to ensure consistent and robust performance. This effort will complement existing ISCC by providing additional supply chain assurance through physical traceability.

The insights from these trials will be shared in a series of reports covering issues, such as traceability, biofuel degradation, supply chain optimisation and abatement costs. These findings will culminate in a comprehensive assurance framework to provide guidance on biofuels use, slated for release in the fourth quarter of 2024.

 

Photo credit: Global Centre for Maritime Decarbonisation
Published: 19 July 2024

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Ammonia

MPA, ITOCHU and partners sign MoU on ammonia-fuelled bulk carriers study

As a government agency, MPA,will review and provide their views to the designs of the ammonia-fuelled ships to ensure their safe operations, says ClassNK.

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Classification society ClassNK on Thursday (18 July) said it signed a Memorandum of Understanding (MoU) with ITOCHU Corporation, Nihon Shipyard Co., Ltd., and Maritime and Port Authority of Singapore (MPA) regarding a joint study for the design and safety specifications of ammonia-fuelled ships which are under development by ITOCHU and partners.

“The discussion for a specification of ammonia-fuelled ships with a governmental body related to their operation is essential for a social implementation of ammonia-fuelled ships,” ClassNK said. 

“As one of parties of the MoU, MPA, a government agency overseeing the world’s busiest bunkering hub, will review and provide their views to the designs of the ammonia-fuelled ships to ensure their safe operations.”

The MoU is based on the premise that 200,000 deadweight ton class bulk carriers will be built by Nihon Shipyard with an ammonia dual-fuelled engine.

“The necessary clarifications of the specification for the ammonia-fueled ship to carry out ammonia bunkering in Singapore will be conducted among parties of this MoU, for the commercialisation of ammonia-fuelled ships,” ClassNK added.

 

Photo credit: Venti Views on Unsplash
Published: 19 July 2024

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Biofuel

“K” Line to use biofuel on three Gram Car Carriers-chartered vessels in Singapore

Biofuel will be supplied to the sister vessels “Viking Ocean”, “Viking Diamond” and “Viking Coral” while bunkering in Singapore, says Gram Car Carriers.

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“K” Line to use biofuel on three Gram Car Carriers-chartered vessels in Singapore

Norwegian transportation firm Gram Car Carriers (GCC) on Thursday (18 July) said Kawasaki Kisen Kaisha (“K” LINE) will use biofuel on three vessels chartered from GCC from July onwards. 

“The biofuel will be supplied to the sister vessels Viking Ocean, Viking Diamond and Viking Coral while bunkering in Singapore, an Asian hub for marine biofuels,” GCC said on its social media. 

“The use of biofuel is a key environmental initiative to reduce emissions across the entire value chain (well-to-exhaust) and an effective way of transitioning to low-carbon marine fuels amid globally tightening environmental regulations.”

“We support the green mobility shift. This means that GCC commit to supporting the transition of both vehicles and their logistic chain towards a zero-emission future in close cooperation with leading customers such as K-Line,” said Georg A. Whist, CEO of GCC.

 

Photo credit: Gram Car Carriers
Published: 19 July 2024

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