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SEALNG responds to Climate Bond Initiative’s Green Bond certification criteria

‘Green bond financing for LNG fuelled vessels, all capable of using Liquefied Bio-methane and Liquefied Synthetic-methane, are at risk of exclusion,’ it says.
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Global multi-sector industry coalition SEALNG on Tuesday (19 May) published an open letter to investor-focused, not-for-profit Climate Bonds Initiative for adopting a prescriptive approach favouring unproven technology pathways in its certification criteria: 

The Climate Bond Initiative recently announced its proposed sector criteria for Green Bond certification of Low Carbon Shipping financing, to align investments in the shipping sector with decarbonisation targets set out in the Paris Agreement. However, it leans towards being technology prescriptive rather than goal oriented; a precarious strategic approach to a highly complex international challenge.

Green bond financing for LNG fuelled vessels, all capable of using Liquefied Bio-methane (LBM) and Liquefied Synthetic-methane (LSM), are at risk of exclusion. Immature and emerging technologies such as ammonia and hydrogen, that will require significant research and development investment over many years if they are to scale safely in the deep-sea maritime environment, appear to be favoured. While these technology pathways are worthy of investment, considering the high level of uncertainty, we believe it makes no sense to exclude an operationally proven, scalable, and existing marine fuel such as LNG and its decarbonization pathway through LBM and LSM. We firmly believe that LNG in the maritime sector is a crucial tool in helping achieve climate and air quality ambitions today and in the future.

Regarding greenhouse gas (GHG) emissions, the independent thinkstep (now Sphera) study[1], commissioned by SEA-LNG and SGMF, and peer reviewed by an international panel of academic experts, showed that today LNG in the maritime sector can reduce GHG reductions up to 21% compared with current oil-based marine fuels over the entire life-cycle from Well-to-Wake, including methane emissions. The study has been widely recognised as the most comprehensive analysis undertaken to date on the life-cycle GHG emissions of LNG as a marine fuel compared with current and post-2020 conventional marine fuels. The analysis was based on the latest primary data available from the main marine engine manufacturers, namely Caterpillar MaK, Caterpillar Solar Turbines, GE Aviation, MAN Energy Solutions, MTU Friedrichshafen, Winterthur Gas & Diesel (WinGD) and Wärtsilä.

Methane slippage is receiving much attention in relation to the GHG benefits of LNG as a marine fuel, and is a factor which was addressed specifically in the Sphera study. Engine manufacturers recognise this as an issue for certain types of internal combustion engines, but not for all of them. It is important to note that LNG-fuelled engines were originally developed in the 1990s to address local emissions i.e. NOx and SOx; GHG emissions were not an area of focus at the time. Since then, the levels of methane slip, where applicable, have been reduced four times and engine manufacturers continue to invest in R&D to further reduce the slip[2] in response to both commercial and regulatory pressures. Hence, not only is significant abatement already available, the manufacturers are on a pathway to reduce methane slip even further.

LNG-fuelled ships, with little or no modifications, can use liquid biomethane[3] (LBM) and liquid synthetic methane (LSM), initially as drop-in fuels, allowing the industry to begin to realise significant GHG savings now. These fuels can be transported, stored and bunkered in ports utilizing existing LNG infrastructure. The recent study[4] commissioned by SEA-LNG from CE Delft concludes that both LBM and LSM are scalable solutions for the maritime sector, with estimated sustainable global supplies potentially exceeding the demands of shipping in the future. LBM and LSM will also likely be commercially competitive relative to other low- and zero-carbon fuels.

LNG is a competitive option today and it can act as a strong foundation for future emissions reductions using LBM and LSM as the technologies required to produce them continue to mature. Furthermore, given the immaturity of ammonia or hydrogen propulsion technologies for the marine sector and the absence of supply and bunkering infrastructure, disincentivising the further development of LNG-fuelled shipping could, de facto, create a lock-in to the highly polluting conventional oil based marine fuels for years to come.

The strategic risk associated with a prescriptive approach favouring unproven technology pathways as espoused by the Climate Bond Initiative’s proposed criteria should not be understated. Renewable hydrogen and ammonia[5], as with other synthetic, or e-fuels, such as LSM, will require vast amounts of renewable energy. This means both will face the same supply constraints and cost risks. The low energy density of these fuels is another well-known challenge likely to result in significantly reduced vessel productivity levels, counter to decarbonization objectives. Regarding ship and port safety, hydrogen’s flammability and ammonia’s toxicity cannot be minimized. Whether these safety challenges can be addressed to the satisfaction of flag states, the regulatory environment at national authorities, and ports across the world, is unknown at this time.

For the reasons stated, LNG through the gradual introduction of LBM/LSM offers a realistic pathway for reducing shipping’s GHG emissions and we believe it should be recognized accordingly. Today, LNG is operationally effective, safe, scalable to meet shipping’s needs, and improves global air quality. The impact of cleaner air on world health is still an important consideration. Importantly, LNG has already started the decarbonization of shipping. Furthermore, the roll-out of LNG safety and operational guidelines, as well as infrastructure, will act as a best practice for the adoption of future alternative marine fuels like ammonia or hydrogen over the longer term. The renewable hydrogen and renewable ammonia pathways, while possibly deserving of policy support, are not ready now and may or may not be viable to successfully serve the vast majority of shipping.

Specifying green investment criteria that favour specific technology pathways risks forcing the shipping industry into non-optimal solutions from environmental, operational, and commercial perspectives and must be avoided. Multiple decarbonization pathways are available to explore for shipping, including LNG to LBM/LSM. Recognizing that shipping’s decarbonization is a complex challenge fraught with uncertainty, supporting multiple pathways across the risk spectrum is a far more prudent approach. All options should be on the table.


Photo credit: SEALNG logo
Published: 20 May, 2020

 

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Bunker Fuel Availability

ENGINE: Europe & Africa Bunker Fuel Availability Outlook (1 April 2026)

East Mediterranean ports see high demand; Malta sees rough weather; high demand increases lead times in West Africa.
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4 months ago

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April 2, 2026

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RESIZED ENGINE Europe and Africa

The following article regarding Europe and Africa bunker fuel availability has been provided by online marine fuel procurement platform ENGINE for post on Singapore bunkering publication Manifold Times:

  • East Mediterranean ports see high demand
  • Malta sees rough weather
  • High demand increases lead times in West Africa

Northwest Europe

Availability of all fuel grades is stable in the ARA bunkering hub, but buyers are recommended to enquire about stems around five days ahead to get competitive offers from a wide selection of suppliers, a trader said.

The ARA’s independently held fuel oil stocks slumped 20% lower in March, according to Insights Global data.

The region imported around 160,000 b/d of fuel oil in March, down from 192,000 b/d imported in February, according to cargo tracker Vortexa. Most supplies have arrived from Denmark (21%), Poland (14%) and Libya (13%).

The region’s independent gasoil inventories – which include diesel and heating oil – have dipped 1% lower in March, compared to February.

The ARA imported 289,000 b/d of gasoil, down from the 304,000 b/d in February, according to Vortexa data. Around 27% of cargo volumes have come from Kuwait, while the US has sent around 24%.

In Germany’s Hamburg, buyers are being advised to book stems with a lead time of five days, a trader said.

Bunker fuel availability is very tight in Sweden’s Gothenburg and off Denmark’s Skaw, a trader told ENGINE.

Mediterranean

Securing supplies promptly is challenging in the Gibraltar Strait ports, and buyers are advised to book around seven days in advance to secure supplies of any fuel grade, a trader said.

Demand is stable in the Port of Gibraltar, with around 40 vessels expected to call for bunkers between 1-8 April, shipping agent A Mateos & Sons said.

Congestion caused in the port last week due to rough weather conditions has completely cleared as of Wednesday morning, port agent MH Bland said.

In Barcelona, buyers are usually requested to give a week’s notice for any delivery, but supplies can be arranged sometimes on a prompt basis, a trader told ENGINE.

Bunker availability is tight in the Canary Islands bunkering hub of Las Palmas, a trader said. Suppliers are giving earliest delivery dates around 10 days out for stems with competitive prices, the trader added.

Bunkering operations are currently being conducted in the inner anchorage and at the berth due to rough seas, port agent MH Bland said.

Malta is experiencing rough winds of more than 25 knots and waves of more than 2.5 metres, and the conditions are expected to persist until 3 February.

Bunkering operations off Malta have been currently suspended, port agent MH Bland said.

Some operations can be conducted in the sheltered Area 1 and Area 4, and operations are expected to resume normally in the offshore area around Saturday, shipping agent WMR told ENGINE.

Bunker demand has decreased recently off Malta, a trader said.

Fuel availability is steady in the Greece’s Piraeus, but high demand for bunkers is causing operational challenges related to barge and berth availability, a local supplier said. The port may face tight product availability around late April or early May if the conflict continues and crude flows through the Strait of Hormuz continue to remain disrupted, the supplier added.

Fuel availability is stable in Turkey’s Istanbul and demand is very strong, a local supplier told ENGINE. Buyers are securing bunkers as they anticipate tight availability next month, the supplier added.

Africa

Ships re-routing around the Cape of Good Hope have increased bunker demand in African ports, suppliers and traders told ENGINE.

West African ports are experiencing low product availability as demand is rising and supply is not able to keep up, a major supplier in West Africa said.

Lead times have increased significantly in many bunkering hubs due to the additional demand.

In Togo’s Lome and off Namibia’s Walvis Bay, buyers are recommended to enquire about stems around 10-11 days ahead, a trader said.

In Angola’s Luanda, one supplier has stopped supplying VLSFO, while LSMGO supplies may need around 7-10 days of notice, a supplier told ENGINE.

Getting VLSFO supplies in Nigeria’s Lagos anchorage also requires around 10 days of notice, a local supplier said.

In South Africa, availability is stable off Algoa Bay, a trader said. In Durban, LSMGO is priced around $3000/mt.

By Nachiket Tekawade

 

Photo credit and source: ENGINE
Published: 2 April 2026

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IMO: Caribbean maritime leaders draft policy recommendations to decarbonize shipping

Participants focused on moving from analysis to implementation by aligning policy, infrastructure planning, energy systems and finance.
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6 months ago

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February 5, 2026

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IMO: Caribbean maritime leaders draft policy recommendations to decarbonize shipping

The International Maritime Organization (IMO) on Tuesday (3 February) said Caribbean policymakers and financiers have emphasized that decarbonization will not succeed through isolated projects or technologies alone, but through coordinated action across sectors and countries, supported by evidence-based planning and investment-ready pathways. 

Senior representatives from Caribbean governments, maritime administrations, ports, energy authorities, development banks and financial institutions met for a regional roundtable convened in Port of Spain, Trinidad and Tobago (29 – 30 January) by IMO’s GreenVoyage2050 Programme, in collaboration with Global MTCC Network (GMN Phase II). 

The event, under the theme Unlocking maritime decarbonization, resulted in key draft policy recommendations for the region, including proposals for: 

  • enhanced regional coordination to harmonize national policies; 
  • knowledge-sharing; 
  • capacity building; and 
  • investment facilitation.  

Participants focused on moving from analysis to implementation by aligning policy, infrastructure planning, energy systems and finance. The participation of multilateral and regional development banks alongside policymakers and industry linked technical ambition with financial realism at an early stage. 

Dr Jose Matheickal, Director of the IMO’s Technical Cooperation and Implementation Division, underscored the need to bridge global ambition and national delivery: “The IMO GHG Strategy sets a clear global direction, but implementation happens at country and regional level. What is critical is creating the conditions, policy, institutional capacity and credible project pipelines, that allow finance to flow and turn ambition into action.” 

The first day of discussions connected the 2023 IMO GHG Strategy with delivery through technical cooperation and regional collaboration.  

Findings from the Jamaica Maritime Alternative Fuels Study, supported by the GreenVoyage2050 Programme, were shared to ground the regional dialogue in a concrete country example. The study illustrated how Caribbean States can assess future fuel demand, supply pathways, infrastructure needs and policy implications to inform investment and planning decisions. 

Building on this evidence, participants discussed credible fuel pathways for the region, barriers to adoption and where regional coordination could accelerate progress. Interactive mapping exercises captured existing initiatives, infrastructure gaps and opportunities for collaboration across the Caribbean, while practical examples demonstrated how policy intent is already translating into action through green port development, fleet initiatives and pilot projects. 

 

The second day of the roundtable focused on unlocking investment, with development banks and financial institutions outlining what is needed to improve project bankability and mobilize public and private finance.  

Discussions explored financial instruments, risk-sharing approaches and policy signals required to support investment in ports, clean fuels and maritime infrastructure, reinforcing the importance of aligning national priorities with financier expectations. 

Ms Thandi McAllister, Director – Legal Services, Maritime Administration Department, Guyana, said: “This Regional Roundtable provided a vital platform for States and other maritime stakeholders to gain valuable insights into the impact and opportunities that are optimizable by Caribbean SIDs and LDCs in their pursuit of decarbonisation goals.” 

Finally, the participants visited the ammonia-fuelled ship Fortescue Green Pioneer for a first-hand look at alternative fuel technology in use onboard.

 

Photo credit: International Maritime Organization
Published: 5 February, 2026

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ICS and 47 governments submit GHG pricing mechanism proposal to IMO

Key purpose of mandatory GHG charge will be to reduce cost gap between zero/near-zero GHG emission fuels and conventional bunker fuels to incentivise accelerated uptake of green energy sources.

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Published

2 years ago

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January 10, 2025

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IMO

The International Chamber of Shipping (ICS) on Thursday (9 January) said it has joined 47 governments in a joint submission to the final round of negotiations at the United Nations’ International Maritime Organization (IMO) to adopt a maritime greenhouse gas (GHG) emissions pricing mechanism to achieve net zero GHG emissions from international shipping by 2050. 

The joint text is supported by major shipping nations such as Greece, Japan, Korea and the United Kingdom, the world’s largest flag States including Bahamas, Liberia, Marshall Islands and Panama, all EU States (and the European Commission), other African countries such as Nigeria and Kenya, plus Small Island Developing States from the Caribbean and the Pacific.

The joint submission by governments sets out convergent regulatory text for amendments to the IMO MARPOL Convention, which will require shipping companies operating ships on international voyages to make GHG contributions per tonne of CO2e emitted to a new “IMO GHG Strategy Implementation Fund”.

ICS said the key purpose of this mandatory GHG charge will be to reduce the cost gap between zero/near-zero GHG emission (ZNZ) fuels such as green methanol, ammonia and hydrogen and conventional bunker fuels, to incentivise the accelerated uptake of green energy sources. 

Revenue generated will be used to reward the production and uptake of ZNZ marine fuels, whilst also providing billions of US dollars annually to support the maritime GHG reduction efforts of developing countries.

International Chamber of Shipping Secretary General, Guy Platten, said: “The industry fully supports the adoption by IMO of a GHG pricing mechanism for global application to shipping.”

“The joint text put forward by this broad coalition is a pragmatic solution and the most effective way to incentivise a rapid energy transition in shipping to achieve the agreed IMO goal of net zero emissions by or close to 2050.”

“We are very pleased that such a large and diverse group of nations now firmly supports a common approach to maritime carbon charging. This proposed joint text has been hard fought and is broadly based on ideas which ICS has been advocating for the past ten years.

“While a large number of governments now support a universal flat rate GHG contribution by ships – or something similar – a minority of governments continue to have concerns. Working in co-operation with all IMO Member States we will do our best to allay such concerns during the final stages of these critical negotiations about regulatory text.”

This mature regulatory proposal will be considered by a critical IMO meeting in February – in the week of 17 February 2025 at ISWG-GHG 18. 

If the MARPOL amendments are approved by IMO in April 2025, they should enter into force globally in early 2027, with the collection of annual GHG contributions from ships commencing in 2028.

Note: The joint proposal to IMO for a maritime GHG emissions pricing mechanism can be found here.

 

Photo credit: International Maritime Organization
Published: 10 January, 2025

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