International fuel testing and inspection firm Veritas Petroleum Services (VPS) on Tuesday (1 December) unveiled its new brand name for the company – VPS.
It notes the International Maritime Organisation is targeting to reduce the carbon intensity of international shipping by at least 40% by 2030 and 70% by 2050, relative to 2008, with CO2 emissions reduced by 50% at that time.
The power sector is also rapidly decarbonising through greater use of renewable energy sources whilst simultaneously reducing its burning of fossil fuels.
VPS says it is already ahead of the curve as the company pioneered fuel quality testing in 1981 to better protect assets, people and the environment.
Since then, the company has grown to become the largest bunker fuel testing company in the world, having tested more than three million samples over the past 40 years.
In addition, VPS has introduced innovative, bespoke fuel testing methods and has expanded into oil condition monitoring. It has also further expanded its expertise to test transformer insulating fluids, widening the company’s market reach to the electricity and renewables sectors.
The company is dedicated to helping customers optimise their use of resources, minimise their environmental emissions and create a more sustainable way to grow their business.
“VPS is here to provide valuable advice on the optimisation of engine performance, asset protection and the reduction of GHG emissions,” it states.
“For our Shipping customers: We are continually developing and improving prevention services for both fuel and lubricating oil to help further protect your vessels, your crew and our environment.
“For our Power customers: The protection of your assets, staff and the world around us drives VPS to continually develop our damage prevention services for testing transformer oil, lubricating oil and fuel.
“VPS helps every customer seamlessly transition to new greener fuels, achieve the environmental targets relating to GHG emissions and CO2 reduction, and maintain legislative compliance.
“By utilising advanced data analytics, VPS provides deeper, actionable insights into achieving these sustainable improvements.
“VPS is here to help the world move forwards and deliver on decarbonisation.”
Photo credit: VPS
Published: 2 December, 2020
Managers from EY said the directors ‘breached their fiduciary duties’ by transferring the funds when OTPL was financially troubled, against the interest of creditors.
A decline in traffic brought on by low bunker prices would lead to a competitive disadvantage at the canal compared to longer alternate routes which are free of traffic dues.
PDS employee engaged in unauthorised derivatives transactions and disguised them to look like hedge transactions since January this year, said Mitsubishi Corporation.
The industry doesn’t want to decarbonise just to be compliant. We recognise the biggest threat is climate change [...] and we want to be proactive, said Director.
Verifavia’s services will offer PISR ship owners and managers ‘one single point of contact’.
Stolt Tankers successfully compensated for rising bunker prices through bunker hedge programme.
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
‘We will operate in the Singapore bunkering market from the Tokyo, with support from local staff at Sumitomo Corporation Singapore,’ source tells Manifold Times.
Changes include abolishing advance declaration of bunkers as dangerous cargo, reducing pilotage fees on vessels receiving bunkers, and a ‘whitelist’ system for bunker tankers.
Claim relates to deliveries of MGO to the vessels Pacific Diligence, Pacific Valkyrie, Pacific Defiance, Crest Alpha 1, and Pacific Warlock between March 2020 to April 2020.
3,490 mt of LSFO from Itochu Enex was lifted at Universal Terminal; the same bunker stem was bought by Global Marine Logistics and delivered by bunker tanker Juma to receiving vessel Kirana Nawa.
Representatives of Veritas Petroleum Services, Maersk, INTERTANKO, ElbOil Singapore, and SDE International provide insight from their respective fields of expertise on what lies ahead.
