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KPI OceanConnect celebrates ‘outstanding’ first year since company merger

Firm reported earnings before tax of $15.1 million in FY 2020/21 and increased volumes of 26.5% during the same comparative period, says CEO Søren Høll.

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Soren Holl

Søren Høll, the CEO of international bunkering firm KPI OceanConnect, on Wednesday (11 August) issued a statement summarising the entity’s first year of operations since its merger and the outlook ahead:

CELEBRATING AN OUTSTANDING FIRST YEAR OF KPI OCEANCONNECT

One year ago, we successfully formed KPI OceanConnect from the merger between KPI Bridge Oil and OceanConnect Marine, to form a new brand with clear synergies and increased capabilities.

The merger was the first of its kind in the post-IMO 2020 era, and it created one of the largest and most experienced providers of marine fuels, lubricants, and expert advice in the shipping world.

We have a strong team of professionals operating from 15 locations globally, covering every major maritime hub and time zone. Through our continued focus on partnership and innovation over the years, our people have gained a reputation for transparency, decency and quality service in the industry.

A year of transformation

Using our collective expertise and partnership approach, we recently helped our customers and partners successfully navigate the arrival of IMO 2020, increased credit risks, and Covid-19. Our performance over the past year is a credit to every single one of my colleagues.

In June, we reported a strong financial year and increased volumes by 26.5% compared to the same period last year. We also reported earnings before tax of $15.1 million in the 2020/21 financial year, which factors in merger costs and the effects of Covid-19. Our organisation benefits from having robust financial strength even in the toughest markets, and our economies of scale enable a seamless service on a global basis. Indeed, our commitment to providing unique solutions to every client has brought us several major new business partnerships this year.

In today’s market, there’s a strong demand for a consultative approach to fuel procurement. However, time and time again this year I’ve spoken with prospective customers who are still receiving a commoditised service that’s bringing them very little value. Now more than ever, they’re recognising the need to work with a fuels services provider that has the experience, independence and integrity to provide the right solutions to meet their current and future needs.

For 50 years, we’ve been known for our partnership-based approach. Keeping focus on building long-term relationships, being agile and responsive to our partners’ requirements have been the conerstones of our success and growth into one of the world’s leading fuel services providers. Cutting corners does not pay off in the long run and especially so when major market transitions happen. Instead, it takes clear values, a well articulated purpose, and transparent corporate culture to lead shipping’s energy transition.

I believe that this ethos is one of the main reasons why the merger has been so successful. We were two companies that believed in the importance of strong, durable partnerships, and it’s this melding of organisations with similar values and cultures that has helped us to flourish. The synergies created by the merger has also significantly strengthened our position as a trusted player in shipping’s transition to low-carbon marine energy, and we’re committed to providing innovative solutions to reduce the industry’s impact on the planet.

Driving decarbonisation with transparency at the forefront

The shipping world’s decarbonisation targets are set for 2030 and 2050, and as such we look ahead to plan for this journey with ‘sustainability’ and ‘transparency’ as our watchwords. There’s no single pathway to shipping’s decarbonisation journey, but asking the right questions and having the right partner will help you to evolve in line with these market transformations.

I firmly believe that companies like ours have a responsibility in these transitory periods, and we’re working with several partners to ensure that our counterparts are always able to find the right fuels in the right locations for their ships at all times in the coming decades. We’re committed to decarbonisation and creating a more sustainable future for our industry, and the world.

As a first step on this pathway, we recently completed our first carbon-neutral fuel supply with a long-term client in the seismic research sector. And in July 2021, we launched an Alternative Fuels and Special Projects division to enhance our customers’ ability to achieve their sustainability ambitions. These developments, although a major investment, are entirely necessary for the durability of our business and our commitment to our long-term partnership approach. Most importantly, we’re creating real value for our clients, while fuelling shipping’s decarbonisation journey.

There will be much more to come from KPI OceanConnect in the next few years as we work together to unlock shipping’s green future. I look forward to sharing that journey with you.

 

Photo credit and source: KPI OceanConnect
Published: 12 August, 2021

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Newbuilding

Singapore: EPS orders ammonia, LNG dual-fuel vessels from China

EPS signed one contract for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International.

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Singapore-based Eastern Pacific Shipping (EPS) on Wednesday (28 February) said it signed two new contract orders in a signing ceremony in Shanghai, one for a series of ammonia dual-fuel bulk carriers with CSSC Beihai Shipbuilding and another for a series of LNG dual-fuel oil tankers with CSSC Guangzhou Shipbuilding International. 

The contracts signed cover four 210,000 dwt ammonia dual-fuel bulk carriers and two 111,000 dwt LNG dual-fuel LR2 oil tankers, expanding our fleet of green vessels on water. 

“These are pivotal for EPS, testament to our continued commitment towards the decarbonisation of shipping,” EPS said in a social media post.

Manifold Times recently reported EPS signing a contract for its first ever wind-assisted propulsion system, partnering with bound4blue to install three 22-metre eSAILs® onboard the Pacific Sentinel

The turnkey ‘suction sail’ technology, which drags air across an aerodynamic surface to generate exceptional propulsive efficiency, will be fitted later this year, helping the 183-metre, 50,000 DWT oil and chemical tanker reduce overall energy consumption by approximately 10%, depending on vessel routing.

Related: Singapore: EPS orders its first wind-assisted propulsion system for tanker

 

Photo credit: Eastern Pacific Shipping
Published: 1 March 2024

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LNG Bunkering

Malaysia: Port of Tanjung Pelepas completes first LNG bunkering operation

Landmark event involved the CMA CGM Monaco, a 14,024 TEUs containership operated by French shipping giant CMA CGM.

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Port of Tanjung Pelepas Sdn Bhd (PTP), a joint venture between MMC Group and APM Terminals, on Wednesday (28 February) announced a significant milestone with the successful completion of its first Liquefied Natural Gas (LNG) bunkering operation. 

The landmark event involved the CMA CGM Monaco, a 14,024 TEUs (Twenty-foot Equivalent Units) capacity containership operated by French shipping giant, CMA CGM.

Tan Sri Che Khalib Mohamad Noh, Chairman of PTP in a statement remarked this latest milestone demonstrates PTP’s commitment to continuously enhance its competitive advantages in an increasingly competitive global market.

“The successful completion of our first LNG bunkering operation also underscores our unwavering commitment to sustainability and environmental leadership. We are proud to partner with Petronas Trading Corporation Sendirian Berhad (PETCO) and CMA CGM on this initiative and showcase PTP’s capabilities as a leading facilitator of clean and efficient maritime operations.”

“This milestone paves the way for further growth in LNG bunkering at PTP, contributing significantly to the decarbonisation of the maritime industry.”

Commenting on this achievement, Mark Hardiman, Chief Executive Officer of PTP stated this latest milestone further highlights PTP’s position as the largest transshipment hub terminal in Malaysia.

“In preparation for the LNG bunkering operation, PTP worked closely since March 2022 with PETCO and CMA CGM, as well as with various other related government agencies to organise table-top exercises (TTX) and workshops, before carrying out the deployment exercise.”

“The success of the bunkering operation is a result of the seamless collaboration and preparations involving rigorous safety procedures through in-depth operational and risk assessments, modelling, and validation. We thank PETCO, CMA CGM all other involved parties for their joint efforts in operationalising the bunkering capability and we welcome partners to work with us to accelerate maritime decarbonisation,” said Hardiman.

Port of Tanjung Pelepas (PTP) is Malaysia’s largest transshipment hub with the capacity to handle 13 million TEUs annually. The port delivers reliable, efficient, and advanced services to major shipping lines and box operators, providing shippers in Malaysia and abroad with extensive connectivity to the global market. PTP is currently ranked 15th among the world top container ports.

 

Photo credit: Port of Tanjung Pelepas
Published: 1 March 2024

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Alternative Fuels

Wallenius Wilhelmsen to order four additional methanol DF PCTCs

Newbuilds will also be ammonia-ready and able to be converted as soon as ammonia becomes available in a safe and secure way.

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Wallenius Wilhelmsen PCTC order

Roll-on/roll-off (Ro-Ro) shipping company Wallenius Wilhelmsen on Tuesday (27 February) declared options to build four additional next-generation Shaper Class pure car and truck carrier (PCTC) vessels.

The 9,300 CEU methanol dual fuel vessels can utilise alternative fuel sources, such as methanol, upon delivery. They will also be ammonia-ready and able to be converted as soon as ammonia becomes available in a safe and secure way.

“Together with our customers we are committed to further shaping our industry and accelerating towards net zero. These new vessels are a vital part of that journey,” says Xavier Leroi, EVP & COO Shipping Services.

This latest commitment brings the total number of Shaper Class vessels currently on order with Jinling Shipyard (Jiangsu) to eight. Wallenius Wilhelmsen also retains further options.

The first of the Shaper Class vessels already ordered are expected to be delivered in the second half of 2026. The four additional vessels under the declared options will be delivered between May and November 2027.

 

Photo credit: Wallenius Wilhelmsen
Published: 1 March 2024

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