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DNV: Maritime fuel mix by 2050 projected to consists of 84% alternative bunker fuels

Maritime fuel mix composition by 2050 will be shifting away from the predominantly oil-based fuel mix of today and mainly encompass 84% of low- and/or zero-carbon marine fuels, says new DNV report.

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The composition of the maritime fuel mix by 2050 will be shifting away from the predominantly oil-based fuel mix today and mainly encompass 84% of low- and/or zero-carbon fuels, according to classification society DNV’s Energy Transition Outlook report.

Among the low- and zero-carbon fuels, ammonia is projected to command the largest share (36%), followed by biofuel at 25% and e-fuels at 19%, according to the report, which was published on Wednesday (11 October).

The role of electricity is anticipated to be minimal at 4%. This extensive shift in fuel types will be bolstered by region-specific decarbonization initiatives.

DNV noted the view on the maritime sector's ability to decarbonize has progressed rapidly over the last five years, pushed by the IMO's decarbonization strategy introduced in 2018 and revised in 2023.

“A shift in mindset within the sector towards shouldering its part of the net-zero challenge is evident, and will help to drive a significant change in fuel composition over the coming decades,” it said in the report.

However, DNV said the fuel switch in the maritime industry depends on many factors such as advanced biofuel availability and sufficient availability of renewable hydrogen for e-fuel production. 

Those uncertainty factors are captured in DNV’s 2022 version of the Maritime Forecast to 2050 where 24 scenarios for the maritime sector's future fuel mix are outlined.

“Based on the updated IMO strategy and a push from both charterers and regulators such as the EU, our main ETO 2023 has a more decarbonized fuel mix than last year’s forecast. Nevertheless, this forecast acknowledges that the IMO ambitions lack enforcement mechanisms and might not be fully met, as the ambitions have yet to be translated to ship-specific regulations,” it said.

“Nevertheless, this forecast acknowledges that the IMO ambitions lack enforcement mechanisms and might not be fully met, as the ambitions have yet to be translated to ship-specific regulations.”

DNV said the fuel mix forecast for maritime illustrated in Figure 1.11 is a result of its best estimate assessment and not the result of a cost competition-based model output. 

Screenshot 2023 10 12 at 12.10.56 PM

“This implies that our view on the maritime fuel mix to 2050 holds significant uncertainties, partly described above and more fully detailed in DNV’s Maritime Forecast to 2050.

The report also found that limiting global warming to 1.5°C warming is less likely than ever.

“To reach the goals of the Paris Agreement, CO2 emissions would need to halve by 2030, but DNV forecasts that this will not even happen by 2050. CO2 emissions will be only 4% lower than today in 2030 and 46% lower by midcentury. Energy related CO2 emissions are still hitting record highs and are only likely to peak in 2024, which is effectively the point at which the global energy transition begins,” the classification society said.

“Globally, the energy transition has not started, if, by transition, we mean that clean energy replaces fossil energy in absolute terms,” said Remi Eriksen, Group President and CEO of DNV. 

“Clearly, the energy transition has begun at a sector, national, and community level, but globally, record emissions from fossil energy are on course to move even higher next year.”

Note: The full report of DNV’s Energy Transition Outlook can be found here while the executive summary can be found here.

Related: DNV ‘Maritime Forecast to 2050’ report examines shipping’s energy future and role of technology in energy transition
Related: DNV Maritime CEO urges shipping industry to take more action and move faster in bid to decarbonise
Related: DNV urges cross-industry collaboration to overcome ‘ultimate hurdle’ of fuel availability

Photo credit: DNV
Published: 12 October, 2023

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Events

DNV, VPS, ZeroNorth and Equatorial Marine Fuel among Marine Fuels 360 Award winners 

Informa Markets announced recipients to twelve open awards across four sectors – Shipping, Bunker Trade & Supply, Decarbonisation & Technology and Bunkering services – and three special awards.

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DNV, VPS, ZeroNorth and Equatorial Marine Fuel among Marine Fuels 360 Award winners

Informa Markets on Wednesday (29 November) announced the recipients to the inaugural Marine Fuels 360 Awards 2023 at a Gala Dinner held at the Marina Bay Sands.

Twelve open awards across four sectors – Shipping, Bunker Trade & Supply, Decarbonisation & Technology and Bunkering services were conferred, evaluated by a panel of judges formed by industry thought-leaders.

The hotly contested Decarbonisation Technology Award was awarded to Anemoi Marine Technologies, with their Rotor Sails technology standing out as an innovative, safe and effective solution for reducing environmental impact of the shipping industry, as well as its potential for wide- scale adoption. 

Kim Diederichsen, CEO of Anemoi Marine Technologies, said: “What we do is we bring wind technology to the market, namely rotor sails. It's an honour being here, receiving this prestigious award this night.” Reducing fuel consumption and emissions on commercial vessels through utilising wind power for auxiliary propulsion, the technology can be adapted to various vessel types and sizes from existing vessels to newbuilds, to enhance their Energy Efficiency Design Index (EEDI).

TFG Marine Pte Ltd was awarded the Physical Supplier of the Year Award. It stands out as an industry leader for its scale of operations, proactive approach to decarbonisation, investment in technology, commitment to transparency and customer service. As one of the world’s largest physical bunker suppliers, TFG has delivered more than 10 million tons to over 480 clients globally over the last financial year. 

Marine Fuels 360 Conference
Marine Fuels 360 Awards

“TFG is very honoured to get this award and it's a recognition of the hard work and the good work we have done and also the milestones we have achieved so far for the whole of the year. We will continue to strive to provide good services and transparency to our customers, support all the alternative fuels and energy transitions across all spectrum”, said Soo Yong, Regional Bunker Sales.

Three special awards were also presented to celebrate the recognise the outstanding work and exemplary contributions to three individuals, recognising their performance in the bunkering industry – Industry Icon, CEO of the Year and Lifetime Achievement:

The Industry Icon Award goes to Mr Choong Kien Siong, President, Equatorial Marine Fuel Management Services Pte Ltd, who said: “It is a great honour to receive this prestigious award. Together withthe new generation, Equatorial Marine Fuel will continue to adapt and reinvent ourselves as we sail into the green economy.”

The CEO of the Year was presented to Mr. Russell Hardy, Group CEO, Vitol Services Ltd. Receiving the award on his behalf is Captain Rishab Bahl, Managing Director of Mansel Pte Ltd, said: “The maritime industry has committed to a major decarbonisation mission and this is not going to be without challenges. Our industry will turn to Singapore for leadership and our industry has committed to a major decarbonisation mission where we will support Singapore’s decarbonising journey.

The honorary Lifetime Achievement was also conferred to Capt. Rajesh Unni, Executive Chairman, Synergy Marine Group, who said: “If there is one thing that I have learnt, is that Singapore offersthe opportunity on the basis of meritocracy, there is hope for people to take and given their all and there is chance, so I am grateful for this country for giving us the opportunity and that I have made some impact in your life, that hopefully is my mission.

The full list of awardees as below:

Shipping

Shipping Company of the Year - Hafnia
Ship Manager of the Year – Synergy Marine Group

Bunker Trade & Supply

Physical Supplier of the Year – TFG Marine Pte Ltd
Physical Trader of the Year - Minerva Bunkering Pte Ltd
Deal of the Year - Shell North America LNG
Alternative-Fuelled Vessel Design of the Year - Eaglestar Shipmanagement (S) Pte Ltd
Supply Chain & Logistics Excellence of the Year - TotalEnergies Marine Fuels Pte. Ltd.

Decarbonisation & Technology

Decarbonisation Technology - Anemoi Marine Technologies
Digitalisation- ZeroNorth
Start-Up of the Year - Njord

Bunkering Services

Classification Society - DNV
Marine Fuel Testing & Inspection Excellence - Veritas Petroleum Services (VPS)

Marine Fuels 360 Conference
DNV receiving the Classification Society Award
Marine Fuels 360 Conference
Captain Rahul Choudhuri, President, Strategic Partnerships at VPS receiving the Marine Fuel Testing & Inspection Excellence Award

Special Awards

Industry Icon – Mr Choong Kien Siong, Equatorial Marine Fuel Management Services Pte Ltd
CEO of the Year - Mr. Russell Hardy, Vitol Services Ltd
Lifetime Achievement – Capt. Rajesh Unni, Synergy Marine Group

Related: Singapore: President of Equatorial Marine Fuel Management Services receives ‘Industry Icon Award’
Related: ZeroNorth enables Golden Island to become Singapore’s first 100% digital bunker supplier
RelatedSingapore: Marine Fuels 360 Awards and Conference 2023 to bring together industry’s best

Photo credit: Informa Markets
Published: 1 December, 2023

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Biofuel

Kenoil Marine Services to conduct first-ever bunkering of bio-blended LSMGO in Singapore

“Kosmos Lily” is slated to supply bio-blended LSMGO, sourced from Alpha Biofuels, representing the first-ever bunkering of bio-blended LSMGO in Port of Singapore, says Jurong Port.

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Kenoil Marine Services to conduct first-ever bunkering of bio-blended LSMGO in Singapore

Jurong Port on Wednesday (29 November) said Kenoil Marine Services Pte Ltd, a licensed bunker supplier, successfully loaded 200 metric tonnes of B24 bio-blended Low Sulphur Marine Gas Oil (LSMGO) in Singapore.

The B24 marine biofuel blend was onto Kenoil Marine’s bunker tanker Kosmos Lily.

Kosmos Lily is slated to supply this bio-blended LSMGO, sourced from Alpha Biofuels, representing the first-ever bunkering of bio-blended LSMGO in the Port of Singapore,” Jurong Port said in a social media post.

“Jurong Port takes pride in serving as the preferred port infrastructure for biofuel bunkering, and supporting the maritime industry's energy transition toward achieving net-zero emissions.”

Separately, Allan Lim Yee Chian, Founder and CEO at Alpha Biofuels, said the firm has been working to produce, blend and supply better quality biofuels for the maritime industry for over the last two years.

“We focused a lot on traceability of the biofuels , stability of the blended product and also the cost of the product,” he said in a social media post.

“The result is a bio-bunker fuel that balances the need for decarbonisation by the industry against the cost of sustainable biofuel.”

Photo credit: Jurong Port
Published: 30 November, 2023

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Newbuilding

SeaTech Solutions and partners to develop India’s first electric tug E-VOLT 50

Other partners involved are India’s GRSE, Shift Clean Energy and ABS; GRSE will build an electric tug based on the E-VOLT 50 design by Singapore-based SeaTech Solutions.

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SeaTech Solutions and partners to develop India’s first electric tug E-VOLT 50

Singapore-based marine engineering and vessel design specialist SeaTech Solutions International (S) Pte Ltd on Tuesday (28 November) on Tuesday (28 November) said it inked Memorandum of Understanding (MOU) with India’s Garden Reach Shipbuilders and Engineers (GRSE) Ltd, Shift Clean Energy and American Bureau of Shipping (ABS) on 22 November.

The collaboration aims to bring to fruition the country’s first Electric Tug E-VOLT 50, an initiative to decarbonise India’s tugboat industry by curbing carbon emissions, enhancing operational efficiency, and establishing new benchmarks for performance and environmental sustainability.

GRSE India will build an electric tug based on the E-VOLT 50 design by SeaTech Solutions International (S) Pte Ltd. 

Cmde PR Hari, IN (Retd), Chairman and Managing Director, GRSE, said: “We are excited to be part of this groundbreaking collaboration that combines the expertise of GRSE and three industry-leading organisations. 

“E-VOLT 50 is a bold step towards a cleaner and greener future for the maritime sector. By utilizing sustainable energy solutions and cutting-edge technology, we aim to redefine the standards of

performance, efficiency, and environmental stewardship.”

Prabjot Chopra, VP Technology at SeaTech Solutions, said, “We are delighted to work with GRSE, Shift Energy and ABS on this E-VOLT 50, India’s first Electric Tug, which will pave the way for India’s Green port operation.”

“As the collaborative efforts of GRSE, SeaTech Solutions, Shift Energy, and ABS take shape, the Electric Tugs E-VOLT 50 project stands as a testament to India's commitment to fostering a sustainable maritime industry that aligns with global environmental goals,” SeaTech Solutions added.

“This initiative reflects a pivotal moment in the evolution of green shipbuilding, marking a significant stride towards a cleaner, greener, and more efficient future for the maritime sector.”

Photo credit: SeaTech Solutions International
Published: 30 November, 2023

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