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Scale Gas, Peninsula to co-build and co-own an LNG bunkering vessel

07 Jun 2021

Scale Gas and Peninsula on Friday (4 June) signed an agreement for the construction, joint ownership and charter of an LNG bunkering vessel that will provide services in the Strait of Gibraltar.

Delivery is scheduled for June 2023 and the 12,500m3 capacity vessel will be built in South Korea-based Hyundai Mipo Shipyard.

Peninsula will supply LNG as marine fuel to vessels at the Port of Algeciras, where the vessel will be based, and in the Strait of Gibraltar. It will be exclusively chartered to Peninsula through an initial seven-year contract, and will use Enagás’ regasification plants, predominantly in Huelva, as LNG loading points. 

The project is co-financed by the European transport aid program Connecting Europe Facility (CEF). which has contributed EUR 11 million towards the vessel development through a consortium of Enagás, Scale Gas and the Algeciras Port Authority. 

This agreement is part of the ‘LNGhive 2’ strategy, led by Puertos del Estado, whose objective is to support the development of the LNG market as a sustainable marine fuel, in line with the European Directive 94/2014 on alternative fuels to improve quality the air of the sea and ports.

“As one of the largest physical suppliers of marine fuels globally, this is the first step of our transition to a more sustainable future. This vessel will hopefully be the first of many that will offer flexibility and solutions across our global network to our customers,” said John A. Bassadone, owner and CEO of Peninsula. 

 

Photo credit: Peninsula
Published: 7 June, 2021

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