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Insight brief summarises discussions from Global Maritime Forum Annual Summit

Findings of paper include combination of policy measures is the best way to close the competitiveness gap between fossil fuels and scalable zero emissions fuels (SZEF).

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The Global Maritime Forum on Thursday (1 December) announced a new Insight Brief prepared by several authors that summarises discussions from the Global Maritime Forum Annual Summit around the policy imperative to decarbonise shipping in line with the Paris Agreement’s 1.5 degree Celsius temperature goal, in the context of the momentum for policy action that has emerged over the past years.

The brief titled Shipping’s urgent need for Paris-aligned regulation said the Global Maritime Forum discussions echoed the now wide call from across shipping’s industry associations for IMO to adopt a high ambition GHG Strategy and associated regulation to transform shipping and ensure a level playing field and commercial viability.

The main findings of this Insight Brief are that:

  • The Revised IMO GHG Strategy should set clear 1.5-aligned interim targets, for example GHG emissions reduction targets for 2030 and 2040. Targets should be guided by IPCC science and specify the reduction rates over each decade. The IPCC science indicates GHG reductions in 2040 at least 80% below 2008 emissions. A higher value (90% or more) is likely to be necessary to acknowledge that deep absolute reductions may not be achievable by 2030.
  • A combination of policy measures is the best way to close the competitiveness gap between fossil fuels and scalable zero emissions fuels (SZEF) and phase out GHG emissions. This is because no single individual measure is likely to effectively do this on its own.
  • A combination of policy measures could at least include 1) an economic instrument, for example a carbon levy as this is the simplest to administer for industry, and it can generate revenue to support the transition, and 2) a global GHG fuel standard, as this would send a clear signal to industry for gradual and final phase-out of GHG emissions.
  • Both the Revised IMO GHG Strategy and policy measures must adopt a well-to-wake framing for targets and incentives.
  • Provisions for revenue allocation and spending should be developed to ensure an effective transition that is also just and equitable for workers, communities and countries. Provisions should include climate finance for developing countries, especially SIDS and LDCs.
  • Provisions for revenue allocation could also include a system of funding seafarer training for new fuels and other decarbonisation technologies. Other options are support for development, distribution, and buying of SZEF and development of zero emission vessels.

Following these recommendations and steps to take for the IMO, the paper suggests they are more likely to create strong demand for SZEFs, zero emission technologies and vessels, which will maximise the required investments in shipping decarbonisation including the critically important land-side investment in new scalable zero emission energy supply chains. Strong, clear regulation at the IMO is the safest way to ensure that both the fleet and fuels needed will be available in the quantities needed for a 1.5-aligned transition.

The available time to reduce GHG emissions in line with 1.5 is so compressed, that failure to agree on science-based interim targets in 2023 could mean that investments and an orderly transition would no-longer be possible.

The paper further stresses that shipping’s decarbonisation transition will have huge implications for seafarers and maritime workers across the value chain. It is critically important that the voice of seafarers is listened to in the revision of the Strategy and policy measures, and in the continuous work to review and improve regulation.

There is a need for stakeholders in the shipping industry and value chain to help amplify these requests. The damage to the industry that can result from the significant downside risk of a late, disorderly, or globally fragmented transition means that it’s in our collective interest that IMO provides clarity and ensures a level-playing field by taking the above steps. Now is the time to seize the window of opportunity and put trust in the IMO to adopt a clear and ambitious strategy with the policies the industry and its value chain needs to manage the risks and opportunities of important new investments.

Note: The full ‘Shipping’s urgent need for Paris-aligned regulation insight’ brief can be found here.

 

Photo credit: Shaah Shahidh on Unsplash
Published: 7 December, 2022

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Biofuel

GREENMARINE and Vertoro to accelerate adoption of lignin-alcohol as marine fuel

Like fossil oil, liquid lignin can be used as a platform for fuel, chemical and material applications.

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Methanol marine fuels consultancy GREENMARINE and Vertoro, a Maersk-backed Dutch start-up focused on developing liquid lignin technology which can be used as a bunker fuel, has signed an agreement to jointly accelerate the market validation and commercial roll-out of lignin-alcohol as sustainable marine fuels.

“We at GREENMARINE Group are excited to join forces with Vertoro to bring their revolutionary lignin alcohol blend fuel to market,” said Fredrik Stubner, founder and CEO of GREENMARINE Group.

“This breakthrough technology redefines sustainable maritime fuels, delivering environmental benefits and cost efficiencies, paving the way for a greener, more competitive shipping industry.”

Dr. Michael Boot Boot, co-founder & co-CEO Vertoro, replied, “GREENMARINE Group has an excellent track record as a match maker for green fuel producers with engine manufacturers and shipping companies, opening many doors for us on both the fuel validation and offtake side.”

Vertoro, founded in 2017, produces liquid lignin exclusively from sustainably sourced forestry and agricultural residues by means of a patented thermochemical process. Like fossil oil, liquid lignin can be used as a platform for fuel, chemical and material applications.

Related: Maersk invests in Dutch start-up Vertoro to develop green lignin marine fuels

 

Photo credit: CHUTTERSNAP from Unsplash
Published: 11 July 2025

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Newbuilding

Singapore: Pinnacle Marine’s first B100 fuelled utility boat starts 1,000-hour research trial

Newbuilding operated by Prestige Ocean Pte Ltd will capture data on bunker fuel emissions, marine fuel behaviour, and performance.

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The 50th vessel constructed by local boat builder Pinnacle Marine (Singapore) Pte Ltd, namely President 100, is starting 1,000 hours of real-time research trials in collaboration with several parties from Wednesday (9 July) onwards, it says.

Powered by B100 biodiesel, the newbuilding operated by Prestige Ocean Pte Ltd will capture data on bunker fuel emissions, marine fuel behaviour, and performance.

It will be participating in trials with Maritime Energy & Sustainable Development Centre of Excellence (MESD), Weichai Singapore, China Classification Society, Pacific International Lines (PTE) Ltd, Abo Shoten, Ltd. / 株式会社安保商店 , Abo Singapore, Wilmar International, Gulf Marine, Amspec Testing & Services, and AYK Engineering and Consulting.

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The President 100, Pinnacle Marine’s first full biodiesel utility boat, was launched on Tuesday in the presence of over 100 guests.

“Our latest vessel, President 100, merges legacy and future. Named after our first aluminium boat (“President”) and inspired by B100 biodiesel, it leads the charge for our next 50 vessels — many of which will embrace green technology,” stated Pinnacle Marine in a LinkedIn post.

“The launch was amazing, with strong turnout from across the maritime sector — authorities, shipowners, operators, agencies, chandlers, researchers, offshore engineers, and petrochemical suppliers.”

It added: “We’re excited to see how it paves the way for wider adoption of B100 biodiesel — a cleaner, sustainable path for Singapore’s harbour craft sector.”

 

Photo credit: Pinnacle Marine (Singapore) Pte Ltd
Published: 9 July 2025

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Newbuilding

BHP awards charter contracts for two ammonia dual-fuelled bulk carriers

BHP continues to work with the maritime industry to develop an ammonia bunkering plan for the two vessels when they are delivered from 2028.

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Global resources company BHP on Wednesday (2 July) signed contracts with COSCO Shipping Bulk Co., Ltd., a subsidiary of COSCO shipping Group (COSCO Shipping) for the charter of two ammonia dual-fuelled Newcastlemax bulk carriers.

The new vessels to be built under this arrangement will be two of only a handful of vessels in the world capable of using ammonia as a bunker fuel.

The two vessels, expected to be delivered from 2028, will primarily transport iron ore from Western Australia to Northeast Asia.

When run on lower or low to zero greenhouse gas (GHG) emissions ammonia, these vessels will be capable of reducing GHG emissions by at least 50% and up to 95% on a per voyage basis compared to a conventionally fuelled voyage.

The five-year time charter contracts are expected to contribute towards a reduction in the GHG emissions intensity of BHP chartered shipping.

BHP continues to work with the maritime industry to develop an ammonia bunkering plan – the process of fuelling ships with ammonia – for the two vessels when they are delivered from 2028.

Sourcing lower and low to zero GHG emissions ammonia is subject to an ongoing tender process.

 

Photo credit: BHP
Published: 9 July 2025

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