Business

GCMD awards concept study on offloading LCO2 captured on board ships to LR

Offloading is likely to take place alongside concurrent cargo and/or bunkering ops; study will address safety and operational considerations on offloading of LCO2 captured onboard tankers, amongst others.

Published

2 years ago

April 12, 2023

Admin

The Global Centre for Maritime Decarbonisation (GCMD) on Wednesday (12 April) said it awarded its concept study on offloading liquefied CO2 (LCO2) captured onboard ships to Lloyd’s Register, supported by their partner Arup.

GCMD said shipboard carbon capture can be a mid-term solution for decarbonising international shipping.

“For the industry to operationalise shipboard carbon capture technologies, addressing the offloading of captured CO2 is key to the entire value chain. LCO2 is likely one of the common forms in which CO2 will be stored and offloaded after its capture onboard ships, and its offloading is likely to take place alongside concurrent cargo and/or bunkering operations,” it said.

The GCMD concept study will address safety and operational considerations surrounding offloading of LCO2 that has been captured onboard tankers, bulkers and container liners, including articulating the temperatures and pressures under which this process would optimally take place and the different receptacles to be used for this purpose. The outcome of the study can also provide insights for off-loading CO2 as a cargo under currently less-established operating and storage conditions.

The GCMD LCO2 offloading study: a fundamental prerequisite

Currently, there are no guidelines for offloading captured CO2. The findings of the study will form a basis to enable sea trials in Phase 3 of Project REMARCCABLE (Realising Maritime Carbon Capture to demonstrate the Ability to Lower Emissions). One of the world’s largest end-to-end demonstrations of shipboard CO2 capture at scale, Project REMARCCABLE is a 500-hr pilot that will be using non-proprietary amine-based solution, aiming to demonstrate 30% annual CO2 emissions reduction or 1300 kg/hr of CO2, store 375 metric tonnes of LCO2 onboard, and offload LCO2 after 10 days of sailing.

GCMD announced its Invitation-for-Proposals (IFP) on 6 December 2022 to a shortlist of classification societies and engineering consultants. The shortlisted recipients were invited to articulate the concept design for offloading shipboard liquefied CO2 captured on board ships to shore, and to ship storage facilities in major ports, of which guidelines are also not available for large-scale CO2 cargo offloading. In response to the IFP, a total of six proposals were received. In addition to internal evaluators, GCMD solicited the input and assessment of three external evaluators, all of whom are industry veterans with extensive domain expertise.

Professor Lynn Loo, CEO of the Global Centre for Maritime Decarbonisation, said: “We are pleased to be working with Lloyd’s Register on this LCO2 offloading concept study. The learnings from this study will inform how captured CO2 can be offloaded from various vessel types in general, and enable the sea trials on Stena Impero that are being planned as part of Project REMARCCABLE more specifically.”

Assessing and validating the land-side infrastructure for LCO2 offloading

A broader intent of this LCO2 offloading concept study is to assess the readiness of current infrastructure for LCO2 offloading. Scenario-based CAPEX and OPEX models for LCO2 offloading infrastructure buildout and operation costs will be generated. Additionally, a review of existing gaps in analytical methods, verification procedures, competency standards, and regulation regimes that are needed to enable LCO2 offloading at major ports will be conducted.

GCMD aims to validate and finalise the study’s findings with industry stakeholders, such as port and terminal operators, vessel owners, and shipyards. Through this concept study, GCMD will help support the establishment of regulatory and operational guidelines and help set a precedence for future piloting and demonstration projects related to shipboard carbon capture technologies at scale. With both the Maritime and Port Authority of Singapore (MPA) and the Port of Rotterdam Authority (POR) as observers on this study, the findings can help assess the prospects of LCO2 to support maritime decarbonisation.

Nick Brown, CEO of Lloyd’s Register, said: “Conducting this concept study for the Global Centre for Maritime Decarbonisation will deliver greater industry understanding around the safety and operational issues that need addressing for offloading captured LCO2 from vessels.”

“This study, in collaboration with stakeholders from across the maritime value chain, will support the establishment of regulatory and operational guidelines around offloading captured liquid carbon dioxide from vessels, which is crucial to enabling safe adoption of carbon capture technologies on board.”

“It will also offer a timely assessment of the capital expenditure and operating expenditure of the infrastructure needed to offload liquid carbon dioxide from ships thus enabling the industry to make informed decisions for creating this infrastructure.”

Borbala Trifunovics, Ports & Maritime Leader at Arup, said “Action on maritime decarbonisation requires innovative new approaches to infrastructure and operations at ports. We are bringing together our maritime and energy expertise to shape solutions for LCO2 offloading that are safe, efficient and integrated with wider port functions.”

To support the study, GCMD has convened a consortium of Study Partners and Observers who have the relevant domain expertise, interest and experience to provide inputs over the course of the project and support the review of the final report.

The study will commence in April 2023 and is expected to complete within 9 months.

Photo credit: Lloyd's Register
Published: 12 April, 2023

Business

Notice of intended dividend issued for defunct bunkering firm Coastal Oil Singapore

Company’s former Chief Finance Officer received a nine-year jail sentence in 2021 after pleading guilty to 15 charges for conspiring with others to defraud eight banks into approving USD 320 million in loans.

Published

1 day ago

April 17, 2025

Admin

A notice was published in the Government Gazette on Wednesday (16 April), regarding the second and final intended dividend to creditors of defunct bunkering firm Coastal Oil Singapore Pte Ltd.

The following are details of the notice of intended dividend of the company:

Name of Company : Coastal Oil Singapore Pte. Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 200413975N
Address of Registered Office : 1 Raffles Quay, #27-10, South Tower, Singapore 048583
Last Day of Receiving Proofs : 30 April 2025
Name of Liquidator : Yit Chee Wah
Address : c/o FTI Consulting (Singapore) Pte. Ltd.,1 Raffles Quay,#27-10, South Tower, Singapore 048583

In 2021, the former Chief Finance Officer of Coastal Oil Singapore received a nine-year jail sentence at the State Courts of Singapore.

Ong Ah Huat earlier pleaded guilty to 15 charges; the charges include three counts of engaging in a scheme to defraud and nine counts of forgery for conspiring with accomplices to defraud eight banks into approving USD 320 million in loans.

The banks involved were: China Merchants Bank (Singapore), Bank of Communications (Hong Kong), BNP Paribas (Hong Kong), Cooperative Rabobank (Hong Kong), DBS Bank (Hong Kong), HSBC (Hong Kong), OCBC (Hong Kong), and Standard Chartered Bank (Hong Kong).

In 2019, Manifold Times reported Hong Kong-listed COSCO SHIPPING International (Hong Kong) Co., Ltd stating its indirect wholly-owned bunkering subsidiary Sinfeng suspecting fraud to be involved in the liquidation of Coastal Oil Singapore during December 2018.

It was believed Coastal Oil Singapore owed approximately US $357 million to 79 firms. Out of the total USD 357 million, banks were the hardest hit taking up about US $354 million, or 99.1%, of total credit owed.

A complete coverage of the events leading to the current development has been arranged by Singapore bunker publication Manifold Times (in descending date order) below:

Photo credit: Benjamin-child
Published: 17 April, 2025

Financial Result

CBL International reports net loss of USD 3.87 million for FY 2024

Despite the net loss, CBL reports a 35.9% revenue increase, which was primarily driven by a 38.1% increase in sales volume, supported by the addition of new customers during the year and more.

Published

1 day ago

April 17, 2025

Admin

CBL International Limited (CBL), the listing vehicle of Banle Group, a leading marine fuel logistic company in the Asia-Pacific region, on Thursday (17 April) announced its annual financial results for the year ended 31 December 2024.

The company reported a consolidated revenue of USD 592.52 million for the year, marking a 35.9% increase from USD 435.90 million in 2023.

This growth was primarily driven by a 38.1% increase in sales volume, supported by the addition of new customers during the year, expansion of its supply network to cover more ports, and a broader customer base that now includes bulk carriers and oil and gas tankers in addition to container liner operators.

However, due to challenging market conditions, CBL reported a net loss of USD 3.87 million in 2024, compared to a net income of USD 1.13 million in 2023.

This was mainly attributed to a 25.5% decrease in gross profit to USD 5.37 million in 2024 from USD 7.21 million in 2023 and a 56.8% rise in operating expenses to USD 8.70 million in 2024 from USD 5.55 million in 2023.

The company adopted a volume-driven growth strategy that involved offering more competitive pricing in a market characterised by intensified competition and pricing pressure.

“While this approach supported increased sales volume and market share, it also contributed to narrower profit margins,” it said.

In addition to reduced gross margins, the net loss was impacted by increased expenses for business expansion, biofuel operation, additional expenses to enhance ESG, and a rise in interest expenses. These were partially offset by a reduction in income tax expenses.

The financial outcome reflects both the dynamic nature of the bunkering industry and the company’s ongoing investment in client base development and geographic growth, which are expected to enhance long-term positioning as market conditions normalise.

Earnings per share (EPS) reflected this, decreasing to USD (0.136) in 2024 from USD 0.045 in 2023. Cash and cash equivalents increased by 8.3% to USD 8.02 million as of December 31, 2024 from USD 7.40 million as of December 31, 2023.

Business Expansion in Challenging Times

CBL International’s operational expansion was a key focus in 2024, particularly in a challenging industry environment marked by geopolitical tensions, such as the Red Sea crisis and broader Middle East tensions. The company grew its service network from 36 ports at the time of its IPO in March 2023 to over 60 ports by year-end 2024, covering Asia Pacific, Europe, Africa, and Central America. Revenue growth year-on-year was notable across China, Hong Kong, Malaysia, Singapore, and South Korea.

Key new ports included Mauritius, Panama, and India, enhancing its global reach. This expansion was supported by servicing nine of the world’s top 12 container shipping lines, representing nearly 60% of global container fleet capacity. The Company’s European expansion focused on strengthening cross-regional service offerings for Euro–Asia trade routes. Growth was supported by a stronger presence in the Amsterdam-Rotterdam-Antwerp (ARA) region and a new Ireland office established in late 2023, enhancing local sourcing capabilities.

Customer diversification was another priority, with the share of non-container liners in total revenue increased, and sales concentration among the top five customers declined in fiscal year 2024.

A significant highlight was the company’s push towards sustainability, with biofuel sales surging by 628.8% and volume by 603.0%. The introduction of B24 biofuel (76% fossil fuel, 24% used cooking oil methyl ester) in Hong Kong, China, and Malaysia reduced greenhouse gas emissions by 20%, supported by ISCC EU and ISCC Plus certifications secured in 2023. This aligns with global trends towards greener shipping solutions and positions CBL as a leader in sustainable fuel logistics.

Strategically, CBL enhanced its IT systems, implementing real-time order tracking, data analytics, and workflow automation to improve efficiency. Credit risk management was strengthened, and working capital management improved with increased factoring facilities and a cash balance rise, navigating macroeconomic challenges through pricing strategies and port network adjustments. Additionally, CBL expanded its funding sources by accessing capital markets, such as private placement, increasing financial flexibility to support growth initiatives.

CBL’s Outlook for the Future

Despite the net loss, CBL’s management remains optimistic about the future, viewing current industry challenges as an opportunity to build resilience and enhance customer loyalty.

While prudently evaluating the impact of the latest US tariff policy, among other macro incidents such as geopolitical tensions, regulatory changes, and shifting global trade dynamics, on the economy and the bunkering sector, CBL believes its broad global network, primarily focused on intra-Asia and Euro-Asia trade routes, helps mitigate potential adverse effects. Since the company has no operation on U.S. ports, the impact of such policies may be limited in the near future.

The company’s strategic expansion of ports, diversification of its client base, and commitment to sustainable initiatives are designed to position it for growth when market conditions improve.

By investing in new ports and expanding relationships with key industry players, CBL aims to secure long-term partnerships that will strengthen its market position as global trade stabilises and profitability improves.

Dr. Teck Lim Chia, Chairman and CEO of CBL International Limited, stated, “We are confident in our strategy to expand our service network, maximise sales volume and explore sustainable offerings, even in these challenging times.”

“Our investments in new ports, diversified clients, and sustainable fuels are building a foundation for future growth. We believe that by demonstrating our capabilities at present, we will earn customer loyalty that will yield substantial benefits as the market recovers, positioning CBL International for significant success in the years ahead.”

Looking ahead, CBL remains focused on expanding its market presence, particularly in biofuels, and enhancing its global supply network.

Photo credit: Kyle Sudu on Unsplash
Published: 17 April, 2025

Newbuilding

Chinese shipbuilder delivers CMA CGM’s Singapore-flagged LNG-powered boxship

CMA CGM welcomes “CMA CGM SEINE”, the first in a four-ship series of 24,000 TEU LNG dual-fuel container ships, by Hudong-Zhonghua Shipbuilding, according to BV Marine & Offshore.

Published

1 day ago

April 17, 2025

Admin

Chinese shipbuilder delivers CMA CGM’s Singapore-flagged LNG-powered boxship

Bureau Veritas Marine & Offshore (BV) on Wednesday (16 April) announced the successful delivery of CMA CGM SEINE, a new 24,000 TEU LNG dual-fuel container ship, by Hudong-Zhonghua Shipbuilding (HZSY).

This milestone marked the completion of the first vessel in a four-ship series, with BV providing classification and BV Solutions Marine & Offshore (BVS) providing advisory services.

It is CMA CGM’s first LNG-powered vessel flying the Singaporean flag with a capacity of 24,000 TEU.

It was reported that CMA CGM planned to expand its fleet and vessel tonnage, adding more vessels under the Singapore Registry of Ships. To support the transition to more sustainable fuels, CMA CGM said it would register and bunker alternative fuel vessels under the Singapore flag.

Xavier Leclercq, Vice President of CMA Ships, said: “Today’s delivery of the ‘CMA CGM SEINE’ featuring LNG as fuel at such a large scale, will remain a major landmark in the shipping world and embodies the engagement of the CMA CGM group toward an ambitious decarbonisation path, leading the way to our industry.”

Mr. Xiufeng ZHANG, Vice General Manger of Hudong-Zhonghua shipyard, said: “CMA CGM SEINE, as the lead ship of the four 24,000-TEU LNG dual-fuel powered container ships ordered by CMA Ships from our company, stands as a new-generation maritime ‘Green Giant’ and ‘super cargo hauler’.”

The vessel integrates a dual-fuel propulsion system supported by GTT Mark III membrane-type LNG bunker tanks, with a total capacity of 18,600 cubic meters, designed to enhance both environmental performance and operational efficiency.

Measuring 399.9 meters in length and 61.3 meters in beam, the vessel has a carrying capacity of 23,876 TEU and is equipped with a WinGD W12X92DF-2.0 dual-fuel main engine, incorporating the Intelligent Control by Exhaust Recycling (iCER) system.

This configuration significantly reduces methane emissions and enables compliance with IMO Tier III emission standards when operating in "Diesel + iCER mode".

BV worked closely with the engine manufacturer and the shipyard to test the parent engine and issued the Engine International Air Pollution Prevention (EIAPP) certificate, establishing a foundation for compliance across the series. The iCER system optimises energy efficiency, achieving an Energy Efficiency Design Index (EEDI) reduction well beyond the IMO’s Tier III standards.

To address the critical sloshing challenges in large-volume LNG bunker tanks, BVS performed direct computational fluid dynamics (CFD) simulations. The verified pressure data was provided to the design unit for structural strength checks, ensuring the safety of the cargo containment system and hull support structure.

The vessel features advanced technologies to boost operational performance and energy efficiency. Equipped with the SmartEye intelligent monitoring system and the TotalCommand full-control system, it achieves automated precision control during berthing, significantly reducing berthing time and enhancing port operations.

Energy efficiency is further improved by applying variable frequency drive (VFD) technology to the engine room fans and seawater cooling pumps. Meanwhile, the WinGD Data Collection Monitoring (DCM) system offers real-time tracking and analysis for the dual-fuel main engine, supporting operational optimisation.

BV also supported the upgrade of BV certified boil-off gas (BOG) compressors by conducting sea trial tests and re-issuing product certificates, facilitating seamless system commissioning and vessel delivery.

Photo credit: Bureau Veritas Marine & Offshore
Published: 17 April, 2025