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Exclusive: Fratelli Cosulich in discussions with international banks for second LNG bunker tanker order

‘Maybe there is an opportunity to deploy the second LNG bunker tanker in Singapore,” Timothy Cosulich, CEO and Board Member of Fratelli Cosulich, tells Singapore bunkering publication Manifold Times.

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Genoa-based international shipping, shipments and logistics company Fratelli Cosulich Group is in discussions with international banks for a second liquefied natural gas (LNG) bunker tanker order, learns Singapore bunkering publication Manifold Times.

Fratelli Cosulich on 10 May officially placed an order for the construction of its first LNG bunkering vessel; a 5,300 dwt newbuilding built at the CIMC SOE shipyard in China capable of transporting over 8,000 m3 of LNG and 500 m3 of MGO for bunkering.

The USD 45 million order from the shipyard comes with an option for another sistership which Fratelli Cosulich is keen to exercise, shares Timothy Cosulich, CEO and Board Member of Fratelli Cosulich.

“This is one of the biggest investments we have ever done. Being an Italian company we had many Italian banks keen on financing this deal [for the first order] and we were positively impressed by the key interest and financial support we received from these banks,” he says.

“Further, we managed to get a subsidy from the European Union for this investment which they consider to be important and strategic from an environmental point of view. We are heartened to know there are government institutions supporting our project.

“Now, the shipyard has offered us an option to order an additional LNG bunker tanker. We are in discussions with international banks to finance this [second] order.”

Fratelli Cosulich’s first LNG bunkering tanker will be deployed in the Mediterranean due to the commercial rationale that the region will be a good market for bunkering passenger vessels – which are increasingly adopting the use of LNG as a marine fuel.

“The order book for newbuildings indicates that 25-30% of vessels on order are now either dual-fuelled or LNG-ready so clearly there is a real interest in LNG. These orders are mostly containerships, large tankers, and cruise/passenger vessels so there is already a market,” he explains.

The location for the company’s second LNG bunkering tanker, however, is still undecided, according to Cosulich.

“We are evaluating different options for the second LNG bunkering tanker. We know there is demand in Northern Europe,” he reveals.

“On the other hand, we know the Maritime and Port Authority of Singapore has been issuing additional bunkering licences for LNG. With the growing number of LNG bunker suppliers, we also expect growing demand; maybe there is an opportunity to deploy the second LNG bunker tanker in Singapore.

“We are an Italian family business, but Singapore is clearly our second home. We have been here for more than 30 years since the 1980’s and we will be happy to increase our presence at the Republic.”

Cosulich says his company was fortunate to have accumulated experience in the handling of LNG since 15 years ago, when the firm took over the technical management of the FSRU Toscana situated off the coast of Tuscany.

As such, Fratelli Cosulich was able to utilise this knowhow into writing their own specifications for the recently ordered LNG bunkering vessel.

While acknowledging that there are short-term and long-term solutions available to help shipping achieve decarbonisation, Cosulich believes LNG is the first step in helping the maritime sector meet its sustainability goals.

“Some companies focus on investing in long-term solutions such as hydrogen, ammonia, methanol, batteries and I don’t think this is wrong, but these solutions are not available in the short-term,” he notes.

“We cannot wait until those solutions are available. We need to start doing something and the only available solution at scale right now, allowing for significant emissions reductions, is LNG.

“We know LNG itself is a transition fuel which might have a 20-year lifespan and if we consider bio LNG that life-span might be even longer. In the meantime, we can significantly reduce emissions in the short term with LNG – that’s why we decided to go for it.”

Moving forward, Cosulich encouraged players to take action in helping shipping achieve its decarbonisation goal.

“In shipping, most of all as an industry spend 5-10 years talking about decarbonisation and the problem is we specifically spend time talking instead of doing,” he states.

“So, I think it is important we as an industry get started doing rather than just talking about it at conferences.”

Related: Fratelli Cosulich orders USD 45 million LNG bunkering vessel for Mediterranean Sea ops

 

Photo credit: Fratelli Cosulich
Published: 21 May, 2021

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Newbuilding

Singapore: EPS orders ammonia, LNG dual-fuel vessels from China

EPS signed one contract for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International.

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Singapore-based Eastern Pacific Shipping (EPS) on Wednesday (28 February) said it signed two new contract orders in a signing ceremony in Shanghai, one for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International. 

The contracts signed cover four 210,000 dwt ammonia dual-fuel bulk carriers and two 111,000 dwt LNG dual-fuel LR2 oil tankers, expanding our fleet of green vessels on water. 

“These are pivotal for EPS, testament to our continued commitment towards the decarbonisation of shipping,” EPS said in a social media post.

Manifold Times recently reported EPS signing a contract for its first ever wind-assisted propulsion system, partnering with bound4blue to install three 22-metre eSAILs® onboard the Pacific Sentinel

The turnkey ‘suction sail’ technology, which drags air across an aerodynamic surface to generate exceptional propulsive efficiency, will be fitted later this year, helping the 183-metre, 50,000 DWT oil and chemical tanker reduce overall energy consumption by approximately 10%, depending on vessel routing.

Related: Singapore: EPS orders its first wind-assisted propulsion system for tanker

 

Photo credit: Eastern Pacific Shipping
Published: 1 March 2024

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LNG Bunkering

Malaysia: Port of Tanjung Pelepas completes first LNG bunkering operation

Landmark event involved the CMA CGM Monaco, a 14,024 TEUs containership operated by French shipping giant CMA CGM.

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Editor's note: The following article was edited on 4 March 2023 to correct PTP press release's description of CMA CGM Monaco.

Port of Tanjung Pelepas Sdn Bhd (PTP), a joint venture between MMC Group and APM Terminals, on Wednesday (28 February) announced a significant milestone with the successful completion of its first Liquefied Natural Gas (LNG) bunkering operation. 

The landmark event involved the CMA CGM Monaco, a 14,024 TEUs (Twenty-foot Equivalent Units) capacity containership a 2024-built vehicle carrier operated by French shipping giant, CMA CGM.

Tan Sri Che Khalib Mohamad Noh, Chairman of PTP in a statement remarked this latest milestone demonstrates PTP’s commitment to continuously enhance its competitive advantages in an increasingly competitive global market.

“The successful completion of our first LNG bunkering operation also underscores our unwavering commitment to sustainability and environmental leadership. We are proud to partner with Petronas Trading Corporation Sendirian Berhad (PETCO) and CMA CGM on this initiative and showcase PTP’s capabilities as a leading facilitator of clean and efficient maritime operations.”

“This milestone paves the way for further growth in LNG bunkering at PTP, contributing significantly to the decarbonisation of the maritime industry.”

Commenting on this achievement, Mark Hardiman, Chief Executive Officer of PTP stated this latest milestone further highlights PTP’s position as the largest transshipment hub terminal in Malaysia.

“In preparation for the LNG bunkering operation, PTP worked closely since March 2022 with PETCO and CMA CGM, as well as with various other related government agencies to organise table-top exercises (TTX) and workshops, before carrying out the deployment exercise.”

“The success of the bunkering operation is a result of the seamless collaboration and preparations involving rigorous safety procedures through in-depth operational and risk assessments, modelling, and validation. We thank PETCO, CMA CGM all other involved parties for their joint efforts in operationalising the bunkering capability and we welcome partners to work with us to accelerate maritime decarbonisation,” said Hardiman.

Port of Tanjung Pelepas (PTP) is Malaysia’s largest transshipment hub with the capacity to handle 13 million TEUs annually. The port delivers reliable, efficient, and advanced services to major shipping lines and box operators, providing shippers in Malaysia and abroad with extensive connectivity to the global market. PTP is currently ranked 15th among the world top container ports.

 

Photo credit: Port of Tanjung Pelepas
Published: 1 March 2024

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Alternative Fuels

Wallenius Wilhelmsen to order four additional methanol DF PCTCs

Newbuilds will also be ammonia-ready and able to be converted as soon as ammonia becomes available in a safe and secure way.

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Wallenius Wilhelmsen PCTC order

Roll-on/roll-off (Ro-Ro) shipping company Wallenius Wilhelmsen on Tuesday (27 February) declared options to build four additional next-generation Shaper Class pure car and truck carrier (PCTC) vessels.

The 9,300 CEU methanol dual fuel vessels can utilise alternative fuel sources, such as methanol, upon delivery. They will also be ammonia-ready and able to be converted as soon as ammonia becomes available in a safe and secure way.

“Together with our customers we are committed to further shaping our industry and accelerating towards net zero. These new vessels are a vital part of that journey,” says Xavier Leroi, EVP & COO Shipping Services.

This latest commitment brings the total number of Shaper Class vessels currently on order with Jinling Shipyard (Jiangsu) to eight. Wallenius Wilhelmsen also retains further options.

The first of the Shaper Class vessels already ordered are expected to be delivered in the second half of 2026. The four additional vessels under the declared options will be delivered between May and November 2027.

 

Photo credit: Wallenius Wilhelmsen
Published: 1 March 2024

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