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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.

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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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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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