Connect with us

Business

Malaysia: Straits Energy Resources subsidiary inks Mou for reforestation project

Multi-year reforestation project is aimed at restoring degraded forest areas in the Setiu Wetlands State Park, one of the largest natural wetlands in the East Coast region of Peninsular Malaysia.

Admin

Published

on

283Malaysia: Straits Energy Resources subsidiary inks Mou for reforestation project

Malaysia-listed Straits Energy Resources (SER) on Sunday (10 December) said its subsidiary Benua Hijau has signed a Memorandum of Understanding (MoU) with the Management Council Of Terengganu State Parks (MPTN) and the Setiu Land Office, for a reforestation project. 

SER is principally engaged in oil trading and fuel bunkering services, ship management, port operation and management, inland transportation and investment holding activities. 

Manifold Times recently reported SER entering into a conditional shares sale and purchase agreement with its subsidiary Tumpuan Megah Development for the proposed acquisition of Straits Marine Fuels & Energy (SMF) shares, representing 33% of the equity interest in SMF.

The multi-year reforestation project is aimed at restoring degraded forest areas in the Setiu Wetlands State Park, one of the largest natural wetlands in the East Coast region of Peninsular Malaysia.

Dato’ Sri Ron Ho Kam Choy, Managing Director of Straits Energy Resources Berhad, said: "Firstly, I would like to thank Yayasan DiRaja Sultan Mizan for opening the door for this ESG collaboration with MPTN, to kick-start this project. We are thrilled to sign this MoU with MPTN and the Setiu Land Office for this large-scale reforestation project that will be spearheaded by our CSR and ESG-focused subsidiary, Benua Hijau.”

“This ESG initiative involves taking important action on the ground, which will give us a high level of involvement and visibility into our projects and help us ensure we make a quantifiable positive impact. In line with this, Benua Hijau will be involved in physical ground work at Setiu Wetlands, releasing MPTN’s resources that can now be deployed to other important areas.”

“We view this project as a critical step towards not only restoring the natural beauty of the Setiu Wetlands, but also contributing to the global fight against climate change. In addition, the reforestation of Tasik Berombak will unlock valuable economic opportunities, through the production of sustainable forest resources, ecotourism, and a local cottage industry. This, in turn, will create job opportunities for locals from the surrounding community.”

“We would like to thank MPTN and the Setiu Land Office for this opportunity to make a meaningful impact, which aligns with our long-term values and commitment to building an environmentally, economically and socially sustainable business. We look forward to making this a truly win-win collaboration.”

Benua Hijau, a 51%-owned unit of Straits, is focused on the development and execution of environmental and social sustainability initiatives.

As part of this reforestation project, Benua Hijau plans to plant 100,000 Pokok Gelam (melaleuca) trees across a land area of 200 acres, the equivalent of 113 soccer fields. The reforestation activities, which will take place over five years, will be focused on a designated area surrounding Tasik Berombak within Setiu Wetlands. Tasik Berombak is one of the largest freshwater lakes and Gelam ecosystems in Malaysia’s East Coast region.  

Benua Hijau will coordinate activities across this designated area, including the physical planting of the trees and community engagement activities. Benua Hijau will also invest in the setting up of a dedicated nursery and research center to prepare Gelam saplings and study the Gelam ecosystem and value chain. 

Related: Malaysia: Straits Energy Resources makes move for SMF to become wholly-owned direct subsidiary 

Photo credit: Straits Energy Resources
Published: 12 December, 2023

Continue Reading

Wind-assisted

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

Firm signed a contract for its first ever wind-assisted propulsion system, partnering with bound4blue to install three 22-metre eSAILs® onboard “Pacific Sentinel”.

Admin

Published

on

By

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

Singapore-based Eastern Pacific Shipping (EPS) on Thursday (22 February) said it signed 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.

Suitable for both newbuilds and retrofit projects, the system delivers energy efficiency and cost savings for a broad range of vessels, regardless of their size and age.

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

José Miguel Bermudez, CEO and co-founder at bound4blue, said: “Signing an agreement with an industry player of the scale and reputation of EPS not only highlights the growing recognition of wind-assisted propulsion as a vital solution for maximising both environmental and commercial benefits, but also underscores the confidence industry leaders have in our proven technology.”

“It’s exciting to secure our first contract in Singapore, particularly with EPS, a company known for both its business success and its environmental commitment.”

“We see the company as a role model for shipping in that respect. As such this is a milestone development, one that we hope will pave the way for future installations across EPS’ fleet, further solidifying our presence in the region.”

Cyril Ducau, Chief Executive Officer at EPS, said: “EPS is committed to exploring and implementing innovative solutions that improve energy efficiency and reduce emissions across our fleet.” 

“Over the past six years, our investments in projects including dual fuel vessels, carbon capture, biofuels, voyage optimisation technology and more have allowed us to reduce our emissions intensity by 30% and achieve an Annual Efficiency Ratio (AER) of 3.6 CO2g/dwt-mile in 2023, outperforming our emission intensity targets ahead of schedule. The addition of the bound4blue groundbreaking wind assisted propulsion will enhance our efforts on this path to decarbonise.”

“With this project, we are confident that the emission reductions gained through eSAILs® on Pacific Sentinel will help us better evaluate the GHG reduction potential of wind assisted propulsion on our fleet in the long run.”

Pacific Sentinel will achieve a ‘wind assisted’ notation from class society ABS once the eSAILs® are installed. 

 

Photo credit: Eastern Pacific Shipping
Published: 23 February, 2024

Continue Reading

Crime

Vietnam: Two ships seized over 170,000 litres of unknown origin diesel oil

Vietnam Coast Guard said vessels were transporting various quantities of oil cargo: KG-91487- DR was transporting about 145,000 litres and KG-91602-TS transported about 25,000 litres.

Admin

Published

on

By

Vietnam: Two ships seized over 170,000 litres of unknown origin diesel oil

The Vietnam Coast Guard on Tuesday (20 February) said it seized a total of about 170,000 litres of unknown origin diesel oil in an operation. 

Patrol boats belonging to Coast Guard Region 4 Command detected two fishing boats – KG-91487- DR and KG-91602-TS – displaying several suspicious signs.

Initial investigations found all vessels without invoices and documents proving legal origin of the oil material.

The vessels were transporting various quantities of oil material: KG-91487- DR was transporting about 145,000 litres and KG-91602-TS transported about 25,000 litres.

The authorities made records of administrative violations,and escorted the vessels to Fleet Port 422 in Phú Quốc city, Kiên Giang province for further investigations and handling in accordance with the law.

 

Photo credit: Vietnam Coast Guard
Published: 23 February, 2024

Continue Reading

LNG Bunkering

Galveston LNG Bunker Port joins SEA-LNG coalition

SEA-LNG said move will further enhance its LNG supply infrastructure expertise and global reach, while giving GLBP access to the latest LNG pathway research and networking opportunities.

Admin

Published

on

By

Galveston LNG Bunker Port joins SEA-LNG coalition

Galveston LNG Bunker Port (GLBP), a joint-venture between Seapath Group, one of the maritime subsidiaries of the Libra Group, and Pilot LNG, LLC (Pilot), a Houston-based clean energy solutions company, has joined SEA-LNG, according to the latter on Wednesday (21 February). 

SEA-LNG said the move will further enhance its LNG supply infrastructure expertise and global reach, while giving GLBP access to the latest LNG pathway research and networking opportunities.

GLBP was announced in September 2023 and will develop, construct and operate the US Gulf Coast’s first dedicated facility supporting the fuelling of LNG-powered vessels, expected to be operational late-2026.

The shore-based LNG liquefaction facility will be located on Shoal Point in Texas City, part of the greater Houston-Galveston port complex, one of the busiest ports in the USA. This is a strategic location for cruise ship LNG bunkering in US waters, as well as for international ship-to-ship bunkering and cool-down services. GLBP will offer cost-effective turn-key LNG supply solutions to meet growing demand for the cleaner fuel in the USA and Gulf of Mexico.

Jonathan Cook, Pilot CEO, said: “With an initial investment of approximately $180 million, our LNG bunkering facility will supply a vital global and U.S. trade corridor with cleaner marine fuel. We recognise that SEA-LNG is a leading partner and a key piece of the LNG bunkering sector, and will give us access to insights and expertise across the entire LNG supply chain.

“LNG supports environmental goals and human health by offering ship operators immediate reductions in CO2 emissions and virtually eliminating harmful local emissions of sulphur oxides (SOx), nitrogen oxides (NOx) and particulate matter.”

President of Seapath, Joshua Lubarsky, said: “We are very pleased to be supporting the decarbonization of the maritime industry through strategic, and much needed, investments into the supply of alternative fuels.  We are also happy to be a part of SEA-LNG which has done a wonderful job in advocating for advancements in technology in this vital sector.”

Chairman of SEA-LNG Peter Keller, said: “We’re proud to welcome another leading LNG supplier to the coalition and are looking forward to a mutually beneficial relationship. With every investment in supply infrastructure in the US and worldwide, the LNG pathway’s head start increases. Global availability, alongside bio-LNG and e-LNG development, makes LNG the practical and realistic route to maritime decarbonisation.

“All alternative fuels exist on a pathway from grey, fossil-based fuels to green, bio or renewable fuels. Green fuels represent a scarce resource and many have scalability issues, so we must start our net-zero journey today with grey fuels. LNG is the only grey fuel that reduces greenhouse gas emissions, well-to-wake, so you need less green fuel than alternatives to improve emissions performance.”

 

Photo credit: SEA-LNG
Published: 23 February, 2024

Continue Reading
Advertisement
  • EMF banner 400x330 slogan
  • Aderco advert 400x330 1
  • SBF2
  • RE 05 Lighthouse GIF
  • Consort advertisement v2
  • v4Helmsman Gif Banner 01

OUR INDUSTRY PARTNERS

  • Triton Bunkering advertisement v2
  • Singfar advertisement final
  • HL 2022 adv v1
  • 102Meth Logo GIF copy


  • E Marine logo
  • Kenoil
  • pro liquid
  • Cathay Marine Fuel Oil Trading logo
  • metcore
  • Golden Island logo square
  • Energe Logo
  • Victory Logo
  • Uni Fuels logo advertisement white background
  • endress
  • VPS 2021 advertisement
  • Advert Shipping Manifold resized1
  • Headway Manifold
  • 400x330 v2 copy

Trending