Business

Titan partner with 123Carbon to offer LNG-based carbon insetting

123Carbon will issue insets to Titan on its registry, providing the company with immutable and transferable tokens, which Titan can manage using a blockchain wallet and transfer to its customers.

Published

1 month ago

August 29, 2023

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Titan partner with 123Carbon to offer LNG-based carbon insetting

LNG bunker fuel supplier Titan and independent blockchain-based carbon insetting platform for the transport sector 123Carbon, on Thursday (24 August) announced that they have issued the first LNG-based carbon insets, readily available to the market.

They explained carbon insetting enables fuel suppliers and vessel operators to transfer the environmental benefits of clean, lower carbon intensity fuels throughout the maritime value chain to freight forwarders and shippers.

Carbon insetting allows carriers to share the carbon reductions of their low carbon activities with freight forwarders and shippers across the global value chain, enabling decarbonisation within their own supply chains.

There are, however, strict requirements on the generation and allocation of these insets. These requirements have been defined on a global level by the Smart Freight Centre (SFC), a Netherlands based NGO, which was also involved in the development of the ISO14083-norm for transport carbon accounting earlier this year. Last June, the SFC published their multi-modal Book & Claim methodology, which deals with topics like calculation rules, additionality, allocation and reporting of insetting.

Based on this global methodology, 123Carbon will issue insets to Titan on its registry, providing the company with immutable and transferable tokens, which Titan can manage using a blockchain wallet and transfer to its customers. Every token issued on the 123Carbon platform contains all information on the emissions reduction project, including the emissions factors used, risk mitigation actions and external assurance – providing a unique level of transparency to the market. 123Carbon also partners with AllChiefs and Verifavia and will provide Titan with a robust, standardised implementation process and assurance protocol.

Titan, 123Carbon and AllChiefs have collaborated to develop a bespoke approach for (bio-)LNG ship operators and ensure that transparency and inset integrity are guaranteed throughout the entire value chain. One of the results of this approach is that the generated LNG-insets are considered fully additional – one of the most important elements that defines the integrity of an inset. This means that these specific insets were not derived by making use of local incentive schemes such as the Dutch HBE-system, they can be purchased by any party, without any concern of double counting or claiming such reductions.

Titan was the first marine company to hold a wallet on the 123Carbon insetting platform and, as a result of this partnership has now issued its first tokens for ship operators bunkering lower emission or net zero fuels like LNG or LBM (liquified biomethane/bio-LNG), in line with FuelEU Maritime standards. Titan is actively engaging carriers with an LNG-fleet to tokenise their activities and scale this solution across the market. It is also in active discussions with shippers that are seeking high quality and affordable insets that provide transparency and integrity.

Caspar Gooren, Director Zero-Carbon at Titan, said: “Insetting can be an effective means of expediting the energy transition in shipping, which is currently blocked by price levels; fossil fuels remain cheaper than renewable fuels. The insetting system helps to finance this price gap. It forms a new carbon economy: a new system that can incentivise the use of cleaner fuel alternatives.”

“We are delighted to be working with 123Carbon to help bring this nascent tool for sustainable shipping into the mainstream marine operating environment. Through the leading 123Carbon platform, all partners within its ecosystem can have a significantly positive influence on the decarbonisation of marine supply chains. Titan wants to support and embrace initiatives that improve transparency and allow it to put a better price on carbon reductions as this will trigger vessel owners to further invest in more eco-friendly ships; the upcoming regulations from Europe will further stimulate this as well.”

Jeroen van Heiningen, Co-Founder and Managing Director of 123Carbon, said: “The need for carbon insetting is clear. We now need the right tools to generate and transfer these insets safely and transparently. Our platform provides just that. We are pleased to be working with Titan and expand the scope of insets that have been generated on our platform to include LNG and LBM. We are proud to play a part in accelerating the decarbonisation of transportation through our trusted solution and are convinced many other fuel providers and carriers will join our platform in order to share their impact.”

Nicolas Duchêne, President of Verifavia, said: “Transparency stands as a cornerstone advantage of insetting, ensuring financial resources remain within the sector to drive enhancements. Crucially, the accountability and validation of insetting tokens and their value are prioritised, underscoring the need for precise calculations. It remains imperative that the purchase of a token signifies a legitimate reduction of carbon emissions within the sector, aligning fully with greenhouse gas protocols.”

AllChiefs, the sustainability-centric consultancy, has been advising the partners on how carbon insetting fits, and will fit, within regulations such as FuelEU Maritime and the Global Logistics Emissions Council (GLEC) framework.

Photo credit: Titan
Published: 29 August, 2023

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Singapore retains titles as Best Global Seaport and Best Seaport in Asia

Port of Singapore has been named the “Best Global Seaport” for the third consecutive year and the “Best Seaport in Asia” for the 35th time at the 2023 AFLAS Awards.

Published

2 days ago

September 29, 2023

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Singapore retains titles as Best Global Seaport and Best Seaport in Asia

The Maritime and Port Authority of Singapore on Friday (29 September) said the Port of Singapore has been named the “Best Global Seaport” for the third consecutive year and the “Best Seaport in Asia” for the 35th time at the 2023 Asian Freight, Logistics and Supply Chain (AFLAS) Awards.

These accolades recognise the contributions by the Port of Singapore serving as a key node in the global supply chain, and Singapore’s leadership in driving maritime decarbonisation and transformation.

The annual AFLAS Awards is organised by freight and logistics publication, Asia Cargo News, to honour leading service providers in the supply chain community for demonstrating leadership as well as consistency in service quality, innovation, customer relationship management and reliability. Winners were determined by votes cast by readers of the publication.

Mr Chee Hong Tat, Acting Minister for Transport and Senior Minister of State for Finance, said: “Singapore is honoured to be named the Best Global Seaport and Best Seaport in Asia. These awards are the result of the shared effort and strong collaboration between the Government, industry, unions and workers. We will continue to grow our port as an efficient, sustainable, and trusted node in global supply chains.”

Mr Teo Eng Dih, Chief Executive of MPA, said: “These awards are testament to the partnership and collaboration between Maritime and Port Authority of Singapore (MPA) with industry and international partners, the research and enterprise community, as well as unions. MPA remains committed to fostering an environment that encourages enterprise, innovation, and talent development.”

“We will continue to work with our partners to enhance Singapore’s connectivity, advance digitalisation efforts, and accelerate the decarbonisation of international shipping in line with the 2023 IMO strategy on reduction of GHG emissions from ships.”

Photo credit: Maritime and Port Authority of Singapore
Published: 29 September, 2023

Employment

Melvin Lum appointed as KPI OceanConnect Global Accounts Commercial Director in Singapore

Lum will take on the position of Commercial Director from Thomas Lee who was recently promoted to Head of APAC in a management restructure within KPI OceanConnect.

Published

2 days ago

September 29, 2023

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Melvin Lum appointed as KPI OceanConnect Global Account Commercial Director in Singapore

Global marine energy solutions provider KPI OceanConnect on Thursday (28 September) announced the appointment of Melvin Lum as Commercial Director for its Global Accounts team in Singapore.

Lum will take on the position of Commercial Director from Thomas Lee who was recently promoted to Head of APAC in a management restructure within KPI OceanConnect.

The Global Accounts team is an expert unit within KPI OceanConnect, specialised in providing long-term, tailored fuel strategy solutions to a portfolio of Key Accounts on a global scale. Dedicated regional teams located in London, Houston and Singapore work seamlessly across the world and around the clock to support their clients.

Lum joined KPI OceanConnect in 2021 as Senior Key Account manager and has made a significant contribution to the development of the team and optimisation of the daily operations of the unit in Singapore. Lum has vast experience across the supply chain and previously worked with TotalEnergies, Glencore and Global Energy Group prior to joining KPI OceanConnect.

Henrik Zederkof, Head of Global Accounts at KPI OceanConnect, said: "It is always a pleasure to witness the growth of our team members, and Melvin's progression is no exception. I have full confidence in Melvin's expertise, ability to lead the unit and dedication to his team. I look forward to seeing the progress of Melvin and his team, which will undoubtedly bring significant value to our numerous partners and the wider organisation.”

"Melvin will assume a pivotal role within the Global Accounts management team, leveraging his extensive experience in supply chain management and profound insight into emerging technologies. In his new role, Melvin will further enhance our team's skill set, aligning them with our ongoing objectives of supporting our partners in their green transition and digitalisation endeavours."

Melvin Lum, Commercial Director of KPI OceanConnect Global Accounts in Singapore, said: "I am very appreciative of the support and confidence from our management team as I take on this exciting new role. I am enthusiastic to work with the team as we continue to deliver an exceptional experience to our partners and stakeholders with dedication, innovation and passion."

Photo credit: KPI OceanConnect
Published: 29 September, 2023

Biofuel

TotalEnergies Marine Fuels renews ISCC EU certification for bio bunker fuel

Firm’s operations teams in Singapore and Geneva successfully renewed its ISCC EU sustainability certification for the supply of biofuel bunkers, says Louise Tricoire, Vice President.

Published

2 days ago

September 29, 2023

Admin

TotalEnergies Marine Fuels renews ISCC EU certification for bio bunker fuel

Louise Tricoire, Vice President of TotalEnergies Marine Fuels recently said the firm’s operations teams in Singapore and Geneva successfully renewed its International Sustainability and Carbon Certification (ISCC) EU sustainability certification for the supply of biofuel bunkers.

“This means that TotalEnergies Marine Fuels can continue sourcing and supplying marine biofuels in accordance with EU renewable energy regulations ensuring the highest sustainability standards,” she said in a social media.

“It's the third year in a row that we have successfully renewed this certification, after a deep and comprehensive audit which showed zero non-conformity.”

She added marine biofuels have grown in demand among shipping companies that want to cut greenhouse gas emissions immediately.

“TotalEnergies Marine Fuels offers marine biofuels commercially in Singapore and we are starting in Europe. This certification enables us to accompany our customers in their decarbonisation journey with the best standard solutions available today.”

Photo credit: TotalEnergies Marine Fuels
Published: 29 September, 2023