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LNG Bunkering

Johor Port ‘effectively’ overtakes Singapore as LNG bunkering hub

Port says it effectively overtook Singapore in terms of number of LNG Bunkering operations and total bunkered tonnage; reported a total bunkered tonnage of more than 100,000 mt.

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Johor Port Berhad (Johor Port), a member of MMC Group, on Thursday (26 October) said it celebrated the successful completion of its 100th LNG Bunkering Operation in collaboration with PETCO Trading Labuan Company Limited (PTLCL), a PETRONAS’ trading arm.

It said this was a significant journey, which started with the very first LNG Bunker spot supply to vessel MV Siem Aristotle back in November 2020; representing a first for Malaysia.

“Since then, the collaboration with PTLCL via PETRONAS Marine has successfully reached its 100th LNG Bunkering Operation Milestone on the 28 July 2023 for the Newcastle Max size Bulk Carrier Mount Norafjell; effectively overtaking Singapore in terms of the number of LNG Bunkering operations and total bunkered tonnage and further solidified Malaysia's position as the LNG Bunkering Hub pioneer in Asia,” Johor Port added. 

Md Derick Basir, Chief Executive Officer of Johor Port, said: "The recent milestone of the 100th LNG Bunkering operation marks a notable achievement for Johor Port as the most active LNG Bunkering port in Asia with a total reported bunkered tonnage of more than 100,000 metric tonnes.”

“The Pasir Gudang Port Limit, under the management of Johor Port, is pivotally positioned to cater for both East and West bound vessels and hence makes it a preferred location for all LNG vessels as it only requires minimal deviation from the vessel common route for LNG Bunkering operation.”

“The success of the 100th LNG bunkering operation demonstrates our commitment to provide efficient Marine Services in order to support the growth of the LNG business in Malaysia. With safety being our utmost priority, I am pleased to say that the bunkering operation has been successfully carried out for the past three years with ZERO accidents reported.”

Shamsul Bahari Salleh, Chief Executive Officer of PETCO Trading Labuan Company Limited, said, “The milestone, marked by the successful completion of 100th LNG Bunkering service, serves as a foundation for more achievements to come in our efforts to drive greater use of cleaner fuels in the Marine industry.”

“We are fully confident in our capacity to enhance Malaysia’s position as an LNG bunkering hub while supporting the International Maritime Organisation’s sustainability goals.”

The occasion was celebrated at a showcase event at DoubleTree by Hilton, Johor Bahru on 23 October, and attended by members of both organisations and industry leaders.

Photo credit: Johor Port Berhad
Published: 27 October, 2023

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Alternative Fuels

ENGINE on Fuel Switch Snapshot: Liquid fuel prices drop

VLSFO availability improves in Singapore; B100 cheaper than HSFO with EU regulations; LNG becomes costliest fuel option in Rotterdam.

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ENGINE on Fuel Switch Snapshot: Liquid fuel prices drop

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:

  • VLSFO availability improves in Singapore
  • B100 cheaper than HSFO with EU regs
  • LNG becomes costliest fuel option in Rotterdam

B100 (100% biofuel) is now $32/mt cheaper than HSFO in Rotterdam when factoring in EU ETS compliance costs and FuelEU pooling benefits for voyages between two EU ports.

EU regulations make liquid biomethane (LBM) $121/mt cheaper in Rotterdam than HSFO, but only if used in a diesel slow-speed (SS) marine engine with the lowest methane slip of 0.2%.

If the fuel is used in an Otto medium-speed engine with a 3.1% methane slip, LBM is actually $14/mt more expensive than HSFO, even with regulatory benefits.

ENGINE on Fuel Switch Snapshot: Liquid fuel prices drop

Regardless of the engine type, Rotterdam's VLSFO-equivalent liquefied natural gas (LNG) benchmark is now more expensive than all conventional fuels.

Even when accounting for the EU ETS and FuelEU penalties and considering that the fuel is used in a diesel SS engine, the theoretical price of LNG remains $66/mt higher than VLSFO and only $1/mt cheaper than LSMGO.

Liquid fuels

Rotterdam's VLSFO-equivalent B100 price has declined by $66/mt, while Singapore’s price has dropped by $10/mt over the past week.

PRIMA Markets assessed the Dutch HBE rebate for B100 in Rotterdam at $369/mt on Friday, marking a $12/mt increase from the previous week.

Rotterdam’s VLSFO price has remained relatively stable, with only a modest $4/mt decline—smaller than the $7/mt drop seen in the front-month ICE Brent futures contract.

Singapore has seen a larger $16/mt drop, partly due to improved VLSFO availability. Recommended lead times for the grade have shortened from 7–11 days last week, to 4–8 days now.

Liquid gases

Rotterdam’s LNG price has climbed for a third week in a row, this time by $26/mt over the past week. This increase is linked to a 3% rise in the front-month Dutch TTF Natural Gas contract, a key European gas benchmark.

The Dutch TTF benchmark has risen due to increased demand due to colder weather and increased draws from underground gas reserves in Europe.

Singapore’s VLSFO-equivalent LNG price has also climbed by $12/mt in the past week. “The rise can be attributed to updated forecasts of colder weather in Japan and higher gas prices in Europe,” Rystad Energy said.

By Konica Bhatt

 

Photo credit and source: ENGINE
Published: 11 February, 2025

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LNG Bunkering

LNG bunkering at Port of Barcelona increases by 60.5% on year in 2024

Port said 229,750 cubic metre of LNG were supplied at the port in 2024, achieving an increase of 60.5% compared to 2023 and a total of 491 LNG bunkering operations were carried out at the port.

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LNG bunkering at Port of Barcelona increases by 60.5% on year in 2024

The Port of Barcelona on Wednesday (5 February) said 229,750 cubic metre (m³) of LNG were supplied at the port in 2024, achieving an increase of 60.5% compared to 2023.

The Port said the achievement placed Barcelona as the leading port in the state - with 40% of the total m³ of LNG supplied - and one of the first in Europe in LNG bunkering. 

In 2024, a total of 491 LNG bunkering operations were carried out for ships, of which 402 were via tankers trucks, with 45,427 m³ supplied, and 89 were ship-to-ship (STS) transfers from barges, with 184,324 m³ delivered. 

Of the 8,398 ship calls at the Port of Barcelona during 2024, 822 calls were from ships using LNG, about 10% of the total calls at the port.  

The ships that have received LNG bunker fuel in Barcelona have been mainly cruises and ferries, reaching close to 23% and 19% of the calls of both types of ships and contributing to a reduction in nitrogen oxide (NOx) emissions of 20% for cruises and 18% for ferries. 

The top cruise companies have incorporated LNG-powered ships into their fleets, a good number of which operate regularly in Barcelona. During 2024, a total of 1,664,712 cruise passengers (45.5%) passed through Barcelona on board an LNG-powered cruise ship.

The increase in bunker supply of 60.5% has been possible due to several factors: 

  • the presence of the LNG supply barge based in the Haugesund port Knutsen, from the company Knutsen-Scale Gas,
  • the commitment of the shipping company Baleària to LNG, provided by several tanker trucks at the same time,
  • and the incorporation of new types of ships that use LNG in the port, notably car carriers. The Lake Herman ship, from Japanese shipping company MOL, was the first vehicle carrier to carry out LNG bunkering at the Port of Barcelona, ​​followed by four more ships of the same service, to which two new ships have been added at the beginning of 2025. 

During 2024, the fast ferry Margarita Salas, powered by dual LNG engines, was also added. Operated by Baleària, this ship began operating last June, connecting Barcelona with Mallorca and Menorca at high speed. This new connection reinforces the commitment to integrating LNG into passenger transport and significantly reduces the emissions generated on this route.

The Port of Barcelona said it will continue to facilitate the introduction of LNG with measures such as administrative simplification to facilitate the authorisation of LNG bunkering operations; and the availability of generic risk analyses to be able to expand these operations to other types of ships. 

During 2025, new risk analyses will be carried out to allow the supply of LNG to container ships, for which the port has already received interest from supply operators.

 

Photo credit: Port of Barcelona
Published: 7 February, 2025

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Alternative Fuels

Hapag-Lloyd secures USD 4 billion green financing for 24 large containerships

Firm said it has obtained long-term financing for 24 new LNG dual-fuel, ammonia-ready containerships that it ordered from Yangzijiang Shipbuilding and New Times Shipbuilding in October.

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Hapag-Lloyd's "Essen Express" (13,169 TEU) heading towards the ‘Köhlbrandbrücke’

Hapag-Lloyd on Tuesday (4 February) said it has fully secured USD 4 billion long-term financing for 24 new LNG dual-fuel, ammonia-ready containerships that it ordered from two Chinese shipyards last October. 

Of these, 12 newbuildings – each with a capacity of 16,800 TEU – will be built by Yangzijiang Shipbuilding Group. These units will be used to expand the capacity of services that are already in place. 

An additional 12 ships, each with a capacity of 9,200 TEU, have been ordered from New Times Shipbuilding Company Ltd. and will replace older units in the Hapag-Lloyd fleet that will be nearing the end of their service life in this decade.

The ships will be equipped with low-emission and fuel-efficient high-pressure liquefied gas dual-fuel engines. 

In addition, these vessels can be operated using biomethane, which can reduce CO2e emissions by up to 95% compared to conventional propulsion systems. The new ships will also be ammonia ready.

Hapag-Lloyd will take delivery of the new vessels between 2027 and 2029. The newbuildings will have a combined capacity of 312,000 TEU.

The financing consists of four components. Around USD 900 million of the purchase price will be financed using the company’s own funds. A total of USD 500 million will be made available from two banks in the form of bilateral mortgage loans.

Another part, in the amount of USD 1.8 billion, will be financed via three leasing structures, and USD 1.1 billion will be financed via a syndicated credit facility backed by the China Export & Credit Insurance Corporation (Sinosure). The financing share amounts to a total of around 80% of the investment volume, with maturities ranging between 10 and 18 years.

The financing will be carried out on the basis of Hapag-Lloyd’s Green Financing Framework, which in turn complies with the standards of the Green Loan Principles of the Loan Market Association (LMA). This has been verified by an independent expert opinion of the international classification society DNV, as has the high efficiency of the ships and their compliance with the EU Taxonomy.

“We are continuously modernizing our fleet in order to deliver a high quality of service and to achieve our ambitious decarbonization goals,” said Mark Frese, CFO/CPO of Hapag-Lloyd AG. 

“The successful conclusion of several attractive financial transactions confirms that green financing components are becoming increasingly important. In addition, we are pleased to be able to finance newbuild projects in China for the first time with the Sinosure transaction.”

 

Photo credit: Hapag-Lloyd
Published: 5 February, 2025

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