Connect with us

IMO 2020

Frontline reiterates commitment to scrubbers

Gains ‘competitive advantage’ ahead of IMO 2020 with 20% acquisition of Feen Marine Scrubbers Inc.

Admin

Published

on

5b7e28e005d37 1534994656

New York-listed tanker company Frontline Ltd. (FRO) is backing its 20% acquisition of scrubber manufacturer Feen Marine Scrubbers Inc. (FMSI).

The development allows the company to secure building capacity for scrubbers, while positioning itself ahead of IMO 2020, a period when the 0.5% sulphur cap for marine fuel takes effect.

FRO, meanwhile, posted adjusted net loss of USD $28 million in the second quarter (Q2) of 2018 representing a 100% increase from adjusted net loss of USD $14 million in Q1 2018.

Total operating revenues in Q2 2018 was USD $73 million, a 9.9% decrease from revenue of USD $81 million in the similar quarter last year.

“Despite the current weak rate environment, we believe cyclical changes are underway and as a result we are more optimistic on tanker rates,” says Robert Hvide Macleod, CEO of Frontline Management AS.

“The factors supporting our expectation include continued scrapping ahead of 2020 offsetting new deliveries and increased demand for seaborne trade as a result of expected growth in both US exports and OPEC production of crude oil. 

Additionally, crude oil demand remains strong, and the end of the inventory draw cycle seems increasingly inevitable. 

“We are actively positioning for IMO 2020 and we are pleased that we have been able to secure ownership in a scrubber producer and capacity to buy a large volume of scrubbers at a very competitive price.

“We will continue to look for the right investment opportunities to further position the Company for the expected recovery.”

FRO in late July entered into an Equity Distribution Agreement with Morgan Stanley & Co. LLC for the offer and sale of up to $100.0 million of common shares of Frontline to support purchase of scrubbers.

Related: Frontline acquires 20% stake in Feen Marine Scrubbers
Related: World’s largest tanker company sells shares to fund scrubber ambition

Photo credit: Feen Marine Scrubbers
Published: 23 August, 2018

 

Continue Reading

LNG Bunkering

Titan completes successful LNG bunkering op of E&S Tankers ship in Antwerp

Bunker barge “FlexFueler001” delivered 110 mt of LNG bunker fuel to chemical tanker “Liselotte Esberger”, marking a milestone since it was the first time Titan delivered to a vessel of E&S Tankers.

Admin

Published

on

By

Titan completes successful LNG bunkering op of E&S Tankers ship in Antwerp

LNG bunker fuel supplier Titan on Monday (19 February) said it executed a successful LNG bunkering operation for E&S Tankers, a joint venture of Essberger Tankers and Stolt Tankers as an operator of chemical tankers within Europe. 

The refuelling operation took place at the port of Antwerp on 15 January. 

“Our vessel, FlexFueler001, flawlessly delivered 110 mt of LNG to the Liselotte Esberger, marking a milestone since it is the first time we deliver to a vessel of E&S Tankers,” it said in a social media post. 

“This operation underscores our dedication to sustainable shipping practices and showcases our commitment to environmentally friendly solutions. We're proud to collaborate with E&S Tankers and look forward to furthering our shared mission.”

Titan completes successful LNG bunkering op of E&S Tankers ship in Antwerp

According to E&S Tankers website, the 7,135 dwt Liselotte Essberger arrived in Hamburg from a shipyard in China on 5 December 2023 and was christened the following day.  

The vessel is first of a total of four newbuildings ordered by the firm that are equipped with LNG dual-fuel engines.

Related: E&S Tankers launches second LNG dual fuel chemical tanker “John T. Essberger”

 

Photo credit: Titan and E&S Tankers
Published: 20 February, 2024

Continue Reading

Shipping Corridor

Report: Korea-US-Japan green shipping corridors can lead to significant environmental impact

Creating green shipping corridors between South Korea, the United States and Japan’s top two busiest routes can reduce up to 41.3 million tCO2 each year, says Korean NPO Solutions for Our Climate.

Admin

Published

on

By

Report: Korea-US-Japan green shipping corridors can lead to significant environmental impact

Korea-based non-profit organisation Solutions for Our Climate (SFOC) on Tuesday (13 February) said creating green shipping corridors between South Korea, the United States and Japan's top two busiest routes – Busan-Tokyo and Yokohama; Busan-Los Angeles and Long Beach– can reduce up to 41.3 million tCO2 each year. 

This is equivalent to annual emissions from over 9 million passenger vehicles in the United States.

“We evaluated the anticipated impact of several proposed KoreaUnited States-Japan green shipping corridors involving ports of Busan (KRPUS), Incheon (KRINC), and Gwangyang (KRKAN) —South Korea’s three major container ports,” SFOC said in the report. 

Each of the three South Korean ports will have the most significant environmental impact if connected to ports of Tokyo (JPTYO)/Yokohama (JPYOK) in Japan and ports of Los Angeles (USLAX)/Long Beach (USLGB) in the United States. 

“If container ships that travel KRPUS – JPTYO/ JPYOK and KRPUS – USLAX/USLGB are converted to zero emission ships, we can expect significant reduction in global carbon dioxide emissions, approximately 20.7 million tCO2 and 20.6 million tCO2, respectively,” it added. 

Accordingly, reducing GHG emissions in the global maritime shipping will require coordinated multilateral commitments and actions.

The green shipping corridor initiative is a global effort to align the shipping industry with the 1.5°C trajectory. It aims to:

  • Create maritime routes in which mainly zero-emission ships travel
  • Run ports with 100 percent renewable energy
  • Enforce mandatory use of on-shore power for docked vessels.

“With increasing global shipping emissions, green corridors are key to decarbonising the sector,” SFOC said. 

“Our latest report on green corridors comes on the heels of South Korea and the United States' announcement to work together to implement cross-country green shipping corridors between several of their key ports.”

 

Photo credit: Solutions for Our Climate
Published: 14 February, 2024

Continue Reading

Alternative Fuels

Ports of Rotterdam and Shannon Foynes to develop European green fuels supply chain corridor

Ports will also potentially work together on market development in this new market and jointly find final off-takers for supplies from Ireland including maritime fuels sector.

Admin

Published

on

By

Ports of Rotterdam and Shannon Foynes to develop European green fuels supply chain corridor

Port of Rotterdam, Europe’s largest port, on Tuesday (30 January) said it has signed an agreement with Ireland’s largest bulk port Shannon Foyne with a view to developing a supply-chain corridor for exporting green fuels into Europe produced from the west of Ireland’s limitless wind resource.

The agreement will focus on market and trade development for vast volumes of green hydrogen and its derivatives produced at the planned international green energy hub on the Shannon Estuary. The Memorandum of Understanding signed by the ports identifies significant and identified scale-up volumes of green hydrogen commencing with proof-of-concept volumes by 2030.

Europe’s overall green hydrogen strategy for 2030 is to import 10 million tonnes of renewable hydrogen by 2030 for use in heavy industry and transport sectors that are traditionally reliant on coal, natural gas, and oil. The Port of Rotterdam intends to facilitate volumes of 40 million tonnes from across the world by 2050, a significant proportion of which can come from the Atlantic resource.

Further opportunities will also be explored under the MOU, including building coalitions with interested and suitable commercial parties and adding other parties to the MOU to help achieve a joint supply chain process for delivering the first proof-of-concept volumes before 2030.

The MOU also provides for engaging relevant public stakeholders to support the initiative and sharing of information regarding the potential supply of green hydrogen and green hydrogen derivatives, such as green ammonia, green methanol, etc, as well as sharing best practice information on areas such as desalination, high voltage electricity, industrial clustering around the H2 molecule and green ship bunkering processes.

The two ports will also potentially work together on market development in this new market and jointly finding final off-takers for supplies from Ireland. These would include maritime fuels sector, sustainable aviation fuels, green fertiliser and facilities with direct green hydrogen fuel requirements such as the steel industry.

René van der Plas, Director International at the Port of Rotterdam, said: “The port of Rotterdam is already Europe’s leading energy hub and recognises the significance and opportunity for all European citizens and industries arising from the green transition. To that end, hydrogen is one of our priorities and we are working hard towards establishing infrastructure, facilities and partnerships that will help deliver on this.

“This agreement with Shannon Foynes Port is one such partnership and can support our efforts to set up supply chain corridors for the import of green hydrogen into north-west Europe from countries elsewhere with high potential for green and low carbon hydrogen production. Shannon Foynes Port is an ideal partner in that respect.”

Patrick Keating, CEO of Shannon Foynes Port Company, said: “With the largest wind resource in Europe off our west coast, we have the opportunity to become Europe’s leading renewable energy generation hub. That will deliver transformational change for Ireland in terms of energy independence and an unprecedented economic gain in the process. In delivering on this, too, we can make our biggest ever contribution to the European project as we become a very significant contributor to REPowerEU, Europe’s plan to end reliance on fossil fuels.

“We can produce an infinite supply of renewable energy here and there are already a number of routes to market emerging for that energy. One such route to market is the development of a supply chain into Europe.”

“This agreement with the Port of Rotterdam is a key step towards enabling that. The port of Rotterdam already works on introducing the fuels and feedstocks of the future with major oil and gas companies and its broader port community of over 3,000 commercial companies. It can be a key supply chain corridor for exporting green fuels from the Shannon Estuary into Europe. This is very significant recognition and validation of the potential for hydrogen production generated in Ireland to be exported into Europe.”

 

Photo credit: Port of Rotterdam
Published: 31 January, 2024

Continue Reading
Advertisement
  • Aderco advert 400x330 1
  • Consort advertisement v2
  • RE 05 Lighthouse GIF
  • v4Helmsman Gif Banner 01
  • SBF2
  • EMF banner 400x330 slogan

OUR INDUSTRY PARTNERS

  • Triton Bunkering advertisement v2
  • Singfar advertisement final
  • 102Meth Logo GIF copy
  • HL 2022 adv v1


  • SMS Logo v2
  • E Marine logo
  • Innospec logo v6
  • pro liquid
  • intrasea
  • Trillion Energy
  • Golden Island logo square
  • Kenoil
  • Manifoldtimes LogoAdv 300x300px
  • Victory Logo
  • Headway Manifold
  • Advert Shipping Manifold resized1
  • VPS 2021 advertisement
  • 400x330 v2 copy

Trending