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Civil society groups: ‘UN climate deal for shipping will fail without ambitious 2030 goal’

‘Ambitious targets for 2030 and 2040 are vital for determining future IMO climate policy measures that will be key to deliver shipping’s transition to zero emissions, such as action on short-term pollutants,’ says groups.

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The International Maritime Organization’s (IMO) agreement on shipping climate targets expected next month could be the starting gun for the radical climate action our planet desperately needs, says civil society groups on Monday (19 June). 

The groups called on the IMO member states to urgently support halving climate pollution from ships by 2030 and reaching zero-emission by 2040, at the Intersessional Working Group on Greenhouse Gases (ISWG-GHG-15) next week. 

“Given the disproportionate impacts of climate change felt in vulnerable and developing states already today, the IMO must also guarantee that this transition is just and equitable,” they said in a joint statement. 

The groups also said while a majority of governments have previously agreed to revise the IMO’s existing climate target to absolute zero-emissions by 2050, bringing the industry closer than ever before to the Paris Agreement, a mid-century ambition is not enough to decarbonise shipping within Paris’ 1.5°C temperature limit.

“The world’s leading climate scientists have repeatedly warned that steep and immediate reduction in emissions across industries is the only way to avert the global temperature rise beyond 1.5°C, and it is the only way humanity can secure a livable future,” they said. 

“Ambitious targets for 2030 and 2040 are vital for determining future IMO climate policy measures that will be key to deliver shipping’s transition to zero emissions, such as action on short-term pollutants (methane and black carbon), mandatory slow-steaming, a carbon levy of at least USD 100/tonne of greenhouse gas and a fuel greenhouse gas standard.”

John Maggs, Clean Shipping Coalition, said: “We have everything we need to steer international shipping and the world to a safer, fairer future. The science is unequivocal and the steps we need to take are clear, and it all starts at the IMO this month, when the world must, for the first time, unequivocally set the industry on a path that will keep it within the Paris Agreement 1.5°C temperature limit, including halving its emissions by 2030.”

Lucy Gilliam, Seas At Risk, said: “We are facing climate disaster after climate disaster around the world. Forests are burning, oceans are overheating and crops are failing. It’s clear governments urgently need to cut emissions now. By setting strong climate targets for 2030 and 2040 at the IMO, shipping can play its part in limiting the climate crisis and unlock incredible economic opportunities and much needed climate finance. We can do this!”

Faig Abbasov, Transport & Environment, said: “The luxury boat of zero-by-2050 has long sailed. We only have one lifeboat left, and that is deep emissions cuts this decade and pretty much full decarbonisation by 2040. There is no other way. That’s why the EU and IMO must adopt the SBTi compatible decarbonisation pathway for shipping; that means at least 36% emissions cuts by 2030 and at least 96% by 2040.”

Delaine McCullough, Ocean Conservancy, said: “This is the last moment for the IMO to act decisively to eliminate shipping emissions as the pace of climate change and its catastrophic impacts continues to accelerate. Countries can also advance a clean shipping transition at home, such as what the United States is doing with legislation on the table that would curb shipping emissions and reduce air pollution. We need countries to demand that the IMO set strong emission reduction goals of 50% by 2030 and 100% by 2040 and to take action at home, if the IMO fails to do the right thing.” 

Jim Gamble, Pacific Environment, said: “In the Arctic, the signs of climate change are everywhere. Sea ice and permafrost are melting, and communities are falling into the sea – threatening the health and safety of both people and wildlife. It’s past time for the shipping industry to clean up and decarbonize to align with the 1.5°C transition and move to zero-emission shipping no later than 2040. The shipping industry could move now on measures like improving the energy and operational efficiency of vessels, slow-steaming, electrification, and wind-assisted propulsion.”

Daniele Rao, Carbon Market Watch, said: “IMO member states must support concrete and ambitious emissions reduction targets for 2030 and 2040 to align the shipping sector with the Paris Agreement. Setting these targets is critical for future strong IMO climate measures, such as a carbon levy of at least USD 100, that will help the sector to reduce greenhouse gas emissions while supporting the most vulnerable countries in a just and equitable way”.

 

Photo credit: International Maritime Organization
Published: 20 June, 2023

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Bunker Fuel

TMD Energy becomes first Malaysian bunker supplier to list on NYSE American

Straits Energy Resources’ subsidiary announces that its shares have been listed on 21 April, becoming the first Malaysian marine bunker supplier to achieve a listing on a major US exchange.

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TMD Energy Limited (TMD Energy), a Malaysia and Singapore-based provider of integrated marine bunkering services and a Straits Energy Resources Berhad (SER) subsidiary, on Tuesday (22 April) announced that its shares have been listed on 21 April and began trading on the NYSE American under the ticker symbol “TMDE”.

Dato’ Sri Ron Ho Kam Choy, Chairman, Executive Director, and Chief Executive Officer of TMD Energy, said: “We are proud to become the first Malaysian marine bunker supplier to achieve a listing on a major US exchange, reinforcing our position as one of the industry’s leading players.

“Leveraging Malaysia’s strategic location along major shipping routes including the Straits of Malacca and the South China Sea, as well as resilient demand for bunker fuel in the region and globally, we are well positioned for further expansion. On top of that, TMD Energy is also the first Malaysian company to list on the NYSE American.

“Our listing in NYSE American will help us to enhance our international profile, expand our reach, capture new markets, and deliver sustainable, higher returns to our shareholders.”

TMD Energy’s share price opened at USD 3.26 on Monday, rising to an all-time high of USD 4.12 on its market debut before closing at USD 3.63, which was 11.69% higher than its initial public offering (IPO) price of USD 3.25 per share. This gave the company a market capitalisation of USD 83.85 million (equivalent to approximately MYR 367.2 million) on its first day as a publicly listed company.

TMD Energy’s IPO was priced at USD 3.25 per share, and total gross proceeds (excluding the over-allotments) before deducting underwriting discounts and other related expenses were approximately USD 10.08 million (equivalent to approximately MYR 44.13 million). 

Proceeds from the IPO will be used for the purchase of cargo oil; defraying listing expenses; and working capital and other general corporate purposes.

The company has granted the underwriter a 45-day option to purchase up to an aggregate of 465,000 additional shares to cover over-allotments at the IPO price, If the underwriter exercises their option to purchase the additional shares in full, the total gross proceeds before deducting underwriting discounts and other related expenses from the offering are expected to be approximately USD 11.59 million.

Dato’ David Yoong Leong Yan, Executive Director of TMD Energy, said: “Our debut on the NYSE American is a key milestone in our journey of growth. While continuing to drive strong organic growth, as part of our strategic growth initiatives, we remain focused on identifying and pursuing strategic mergers and acquisition opportunities that align with our long- term vision and strengthen our regional presence.”

Manifold Times previously reported SER announcing its proposal to list its oil bunkering segment via the listing and quotation of the ordinary shares in its 76.68%-owned subsidiary, TMD Energy, on the New York Stock Exchange American (NYSE American).

TMD Energy and its subsidiaries (TMD Energy Group) are mainly involved in marine fuel bunkering services specialising in the supply and marketing of marine gas oil and marine fuel oil to various types of ships and vessels at sea. In addition, the company provides vessel chartering services and vessel management services.

TMD Energy Group operates in 19 ports across Malaysia, with a fleet of 15 well-maintained bunkering vessels with capacities ranging from 540 dwt to 7,820 dwt, of which nine are double-bottom and double-hull vessels with an average cargo-carrying capacity of 4,200 dwt each. Its customers include ship owners and operators, shipping lines, logistics and freight companies, as well as oil and gas traders or brokers. 

TMD Energy’s growth strategy includes expanding its market presence across Southeast Asia, growing its bunkering fleet, providing ship management services to external customers and diversifying its fuel offering to include eco-friendly alternative fuels such as biodiesel.

TMD Energy is part of SER, a Fortune Southeast Asia 500 company listed on the ACE Market of Bursa Malaysia Securities. 

Related: Malaysia: Straits Energy plans to list subsidiary TMD Energy on NYSE American

 

Photo credit: TMD Energy
Published: 22 April, 2025

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LNG Bunkering

New MOL vessel to be supplied LNG bunker fuel in Japan before voyage to Australia

After departing from Saijo Shipyard, LNG fuel will be supplied directly to “Verde Heraldo” through shore-to-ship bunkering at Senboku Terminal of Osaka Gas, and is then scheduled to sail for Australia.

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New MOL vessel to be supplied LNG bunker fuel in Japan before voyage to Australia

Mitsui OSK Lines (MOL) on Friday (18 April) said the naming and delivery ceremony for the LNG-fuelled Capesize bulker, which MOL ordered for JFE Steel Corporation, was held at the Saijo Shipyard of Imabari Shipbuilding. 

The vessel was named the Verde Heraldo, which means “Green Pioneer” in Spanish, by JFE Steel President and CEO Masayuki Hirose. MOL executives including President & CEO Hashimoto were also on hand for the ceremony.

After departing from Saijo Shipyard, LNG fuel will be supplied directly to the vessel through shore-to-ship bunkering at the Senboku Terminal of Osaka Gas, and is then scheduled to sail for Australia.

The Verde Heraldo will sail under long-term transport contracts to supply raw materials for JFE Steel's mills, providing both reduced environmental impact and safe and reliable marine transport services.

About Verde Heraldo

LOA: 299.99 m
Breadth: 50.00 m
Draft: 18.436 m
Deadweight tonnage: 210,321 tonnes
Shipyards: Imabari Shipbuilding and Nihon Shipyard 

 

Photo credit: Mitsui OSK Lines
Published: 22 April, 2025

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Business

ENGINE: Adverse weather keeps bunker operations suspended in Zhoushan’s OPL area

Bunker deliveries at Zhoushan’s Tiaozhoumen and Xiazhimen outer anchorages have been suspended due to rough weather; some suppliers expect to fully resume operations in OPL area by 22 April.

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Zhoushan Port Anchorage

Bunker deliveries at Zhoushan’s Tiaozhoumen and Xiazhimen outer anchorages have been suspended since Saturday due to rough weather, according to a source on Monday (21 April). 

However, bunker operations have resumed this morning at Zhoushan’s more sheltered Xiushandong anchorage and the inner anchorage of Mazhi.

The port is currently experiencing strong wind gusts of 24–27 knots and swells approaching one meter.

Several suppliers expect to fully resume bunkering operations in the OPL area by tomorrow (22 April), the source said.

By Tuhin Roy

 

Photo credit: Manifold Times
Published: 22 April, 2025

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