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GoodFuels and Circularise partner on digital traceability solution for biofuel bunker supply chains

Project aims to digitise bio bunker fuel record management process required to comply to EU’s RED II regulation, which aims to ensure biofuels provide a truly sustainable alternative to fossil fuels.

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Circularise, a Dutch supply chain transparency software provider using blockchain technology, and GoodFuels, FincoEnergies’ sustainable fuels brand, on Tuesday (24 October) announced their project to digitise the biofuels record management process required for RED II compliance.

Throughout this innovative project, FincoEnergies shared their knowledge on bookkeeping processes with Circularise to expand its MassBalancer traceability software suite to include the biofuels supply chain, adding ISCC EU certification as an additional supported framework.

Circularise partners with GoodFuels on digital traceability solution for biofuels supply chains press release MassBalancer

The European Union’s RED II regulation aims to ensure that biofuels provide a truly sustainable alternative to fossil fuels. As part of this regulation, records must be maintained for the sourcing, chain of custody, and GHG emissions of the biofuel product process and then verified by a third-party certification scheme such as ISCC EU. This process of bookkeeping is currently a manual process of companies exchanging information from pdfs and spreadsheets, which can be costly and time-consuming.

Adding a digital method of record management will increase information security and ease-of-use for any organisation that needs to report their biofuels feedstock and supply chains. By digitising the record keeping process, information on the chain of custody and GHG emissions of the biofuel products can be efficiently audited. supporting a trustworthy and fair marine biofuels industry.

Paul Bakker, Digital Development Manager at FincoEnergies, said: “Transparency and trust are critical to the supply chains of all marine fuels, but especially biofuels, where we must be able to demonstrate our sustainability claims easily and with confidence. Through our GoodFuels brand, we are dedicated to leading sustainability within the biofuels market, which is why we are pleased to be able to support Circularise to improve the digital reporting process.”

Jordi de Vos, co-founder of Circularise, said: “By leveraging digital technologies to trace the chain of custody and impact of the biofuels, we can shed light on opaque supply chains and guarantee that these fuels serve as a truly sustainable alternative to fossil fuels. Our partnership with GoodFuels is a testament to our shared commitment to drive transparency and sustainability in the energy sector.”

Circularise partners with GoodFuels on digital traceability solution for biofuels supply chains press release biomethane

Going forward, FincoEnergies will test this software with their GoodFuels customers to ensure a robust information transfer process. By shifting from manual methods to software grounded in RED II principles, Circularise will assist FincoEnergies in ensuring the prevention of double counting of biofuel credits, further enhancing trust and transparency throughout the value chain.

The collaboration will continue to explore ways for FincoEnergies to enable its downstream customers to fairly allocate the use of GoodFuels biofuels within their sustainability reporting. 

Photo credit: GoodFuels
Published: 25 October, 2023

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Bunker Fuel

ENGINE on Fuel Switch Snapshot: LNG costlier than VLSFO

Singapore’s VLSFO price is cheaper than LNG; LNG approaches parity with VLSFO in Rotterdam; price gap between biofuel and LNG shrinks.

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ENGINE on Fuel Switch Snapshot: LNG costlier than VLSFO

Once a week, bunker intelligence platform ENGINE will publish a snapshot of alternative and conventional bunker fuel prices in the world’s two biggest bunkering hubs. The following is the latest snapshot:

27 May 2024

  • Singapore’s VLSFO price is cheaper than LNG
  • LNG approaches parity with VLSFO in Rotterdam
  • Price gap between biofuel and LNG shrinks

LNG bunker benchmarks in Rotterdam and Singapore continue to rise sharply.

With estimated EU Allowance (EUA) costs included in bunker fuel costs, Singapore's LNG bunker price has surged $34-37/mt in the past week after a $29-30/mt jump the week prior.

After adjusting the price for calorific contents to become VLSFO-equivalent, Singapore's LNG price has flipped to a premium of $29-36/mt over its VLSFO in the past week, from a $30-36 discount noted a week prior.

Rotterdam's fossil LNG bunker price has closed even further on VLSFO by $33-34/mt over the past week, making it only $20-33/mt cheaper than VLSFO now.

Biofuel price premium in Singapore over fossil LNG has dropped by another $61-62/mt to $75-81/mt in the past week. In Rotterdam, the bio-bunker premium over LNG has narrowed by $11/mt to $156-168/mt.

VLSFO

Rotterdam's VLSFO price has mostly followed Brent's downward movement over the past week. Rotterdam’s VLSFO benchmark has declined by $11-18/mt in the past week, depending on whether the estimated EUA costs are included.

Availability of VLSFO is normal in Rotterdam, with lead times of 3-5 days recommended to ensure full coverage from suppliers, a trader said.

Singapore’s VLSFO benchmark has also tracked Brent’s movement, falling $32/mt over the past week.

Lead times for VLSFO in Singapore have exhibited significant fluctuations recently. Most suppliers now recommend lead times of up to 10 days for this grade, while some can accommodate stems within five days.

Biofuels

Rotterdam’s B24-VLSFO HBE bunker price has inched $5/mt higher in the past week. When we add estimated EUA costs, the price has gained $8-10/mt, depending on whether we are looking at voyages between EU ports or between EU ports and non-EU ports.

A huge gain in the price of palm oil mill effluent methyl ester (POMEME) feedstock – qualified for Dutch HBE rebates – has pushed the price higher. PRIMA-assessed POMEME price in the ARA has jumped by $70/mt to $1,368/mt in the past week.

In contrast, Singapore’s B24-VLSFO UCOME bunker price has slumped by $25-28/mt, depending on whether the price is adjusted with estimated EUA costs.

The price has declined amid a $10/mt drop in UCOME FOB China, according to PRIMA Markets. Chinese biodiesel exports to the EU are being investigated by the European Commission for "unfairly traded biodiesel". The ongoing investigation has dented Chinese biodiesel inflows into European countries.

LNG  

Rotterdam and Singapore’s LNG bunker prices have seen significant upticks in the past week.

Rotterdam’s LNG bunker benchmark has climbed $16-22/mt higher, depending on whether estimated EU ETS costs are included in the cost of fuel. This increase has been driven by the underlying front-month NYMEX Dutch TTF Natural Gas benchmark, which has seen an uptick due to heavy maintenance activities at Norwegian gas facilities.

Singapore’s LNG bunker benchmark has risen by a staggering $34-37/mt in the past week. The movement is influenced by the upward trend in the underlying Japan/Korea Marker (JKM) gas benchmark and prevailing trends in the Asian LNG market.

Analysts at ANZ Bank noted that “the rally in global gas prices continued amid ongoing buying from importers.” Importers such as Japan and South Korea are restocking gas inventories ahead of the Northern Hemisphere summer, further driving demand.

By Konica Bhatt

 

Photo credit and source: ENGINE
Published: 28 May 2024

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Biofuel

Japan: NYK begins first long-term bio bunker fuel test run on VLCC

VLCC “Tenjun” received an initial supply of biofuel in Singapore and will continue to use biofuel bunker for three months to comprehensively verify the safe and stable procurement of biofuel for long-term use.

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Japan: NYK begins first long-term bio bunker fuel test run on VLCC

Nippon Yusen Kabushiki Kaisha (NYK) on Monday (27 May) said it began a long-term biofuel test run on its very large crude oil tanker (VLCC) Tenjun on 2 May. 

The vessel received an initial supply of biofuel in Singapore and will continue to use biofuel for approximately three months to comprehensively verify the safe and stable procurement of biofuel for long-term use.

“NYK has conducted many short- and long-term safety trials of biofuel use on bulk carriers, car carriers, and liquefied petroleum gas (LPG) carriers, but this was the first time an NYK-operated VLCC has engaged in a long-term biofuel trial,” the firm said on its website.

Biofuels are made from organic resources (biomass) of biological origin, such as agricultural residues and waste cooking oil, and are considered to have virtually zero carbon dioxide (CO₂) emissions when combusted.

“Since they can be used in heavy-oil-powered ship engines, which are common on large merchant ships, biofuels are considered a key means of reducing greenhouse gas (GHG) emissions in the transition period from heavy oil to zero-emission fuels,” NYK added.

Vessel Particulars

Length : 330.00 metres
Width : 60.00 metres
Gross tonnage: 159,927 tonnes
Deadweight tonnage: 302,108 tonnes
Year built: 2008
Shipbuilder: IHI Marine United Shipbuilding Corporation (Kure City, Hiroshima Prefecture)

 

Photo credit: NYK
Published: 27 May 2024

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Bunker Fuel

ScanOcean to supply B15-DMA bunker fuel for Lakeway Link RoRo service

Both will partner on the use of B15-DMA, a marine fuel with 15% renewable content, for Lakeway Link’s new RoRo service connecting Södertälje, Sweden, and Gdynia, Poland.

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Lakeway Link AB on Friday (24 May) announced a new partnership with Swedish supplier of marine fuels ScanOcean AB on the introduction of B15-DMA, a marine fuel with 15% renewable content, for Lakeway Link's new roll-on/roll-off (RoRo) service connecting Södertälje, Sweden, and Gdynia, Poland.

Under the agreement, ScanOcean AB will supply the B15-DMA fuel, meeting the stringent ISO 8217 compatibility standards and boasting a ISCC-EU certification. 

The fuel not only supports the reduction of greenhouse gas emissions, as mandated by the EU ETS obligations, but also significantly improves the Carbon Intensity Indicator (CII) and Clean Shipping Index (CSI) scores for vessels. The fuel is also compatible towards the upcoming FuelEU Maritime regulations.

The deliveries of B15-DMA will be made in Södertälje, Sweden, to the M/S Lakeway Express, thereby kickstarting the utilisation of this innovative fuel. This partnership underscores both companies’ commitment to environmental sustainability that goes beyond compliance.

Fredrik Hermansson, CEO of Lakeway Link AB, said: “Our decision to partner with ScanOcean AB and begin using B15-DMA fuel is a pivotal step in our journey towards reducing our environmental impact. This initiative not only aligns with our sustainability goals but also sets a new standard in the maritime industry for environmental responsibility.”

Jonatan Karlström, Managing Director of ScanOcean AB, said: “We are thrilled to partner with Lakeway Link AB as they embark on their new ro-ro service. This collaboration is not just a business milestone but a significant leap forward in our mission to provide sustainable fuel solutions. With our new product offerings, we are dedicated to leading the charge towards a greener maritime industry.”

 

Photo credit: Lakeway Link
Published: 27 May 2024

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