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Vertex and Bunker One enter into 10-year Marine Fuel agreement

Bunker One will have the exclusive rights to purchase 100% of Vertex’s Marrero, Louisiana refinery’s marine fuel production until December 2029.

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Houston-based Vertex Energy, Inc. on Monday (13 January) announced a 10-year marine fuel Joint Supply and Marketing Agreement (JSMA) with global physical supply network Bunker One USA, Inc. (BO).

The terms of the 10-year definitive agreement are as follows:

  • Vertex has agreed to a supply and offtake agreement under which Bunker One, through its US subsidiary, Bunker One USA, Inc. (BO), will have the exclusive right to purchase 100% of Vertex’s Marrero, Louisiana refinery’s marine fuel production through December 2029. This arrangement provides BO customers a consistent supply of high-quality marine fuel, on-demand, while providing Vertex with surety of off-take for the entirety of its marine fuel supply during the next decade. This agreement includes provisions under which Vertex may supply BO proportionally all current and future (incremental) marine fuel production from both the Marrero refinery and the TCEP facility located in Baytown, Texas. Under the agreement, Vertex is also assuming oversight responsibilities for re-supply and delivery operations. In addition to the current and future Vertex production, this agreement allows for the long term development of additional strategic third-party supply from other sources of production managed by Vertex.
  • BO has agreed to purchase Vertex’s marine fuel production at fair market transfer prices. Under the agreement, BO will purchase marine fuel from Vertex at a negotiated price correlated to Platts-based benchmarks.
  • BO has agreed to provide Vertex the right to extend a net profit-sharing agreement to any port in North America that BO determines to sell marine fuel through in the future. Under the agreement, in the event that Vertex exercises those rights and the agreement is extended to such new port, Vertex will be entitled to net profits on each barrel of marine fuel sold by BO in such future North America ports.
  • BO has purchased $5 million of Vertex’s securities. The investment by Bunker One has been made by the purchase of securities held by existing equity holders.

“Our strategic alliance with Bunker One represents a tremendous growth opportunity for Vertex, one that has the potential to transform our business in the years ahead. Over the last three years, under a prior agreement, our companies have worked closely to develop the foundation for this mutually beneficial long-term opportunity,” said Vertex Chairman and CEO Benjamin P. Cowart.

“This relationship not only ensures a long-term sales and marketing channel for 100% of our current marine fuel production at fair market prices, it also provides us surety of off-take for incremental marine fuel production in future years, while allowing us to participate as a minority partner in Bunker One’s entire North American marine fuel bunkering business.”

“BO has further memorialized its long-term commitment to Vertex through a non-dilutive equity investment in our Company, aligning their interests with those of both our management team and our shareholders. We look forward to providing additional details on our collective strategy on our year-end results conference call in early 2020,” he added.

“We are very excited about our strategic alliance with Vertex. During the last several years, Sara Shipman Myers, Managing Director of Bunker One (USA), and her team have worked very closely with Vertex, and the commitment from our Group to Vertex reflects the results of their hard work,” said Bunker One Global Head of Physical Carlos Gilberto Torres Padilla.

“We believe this relationship strengthens our ability to meet our customer demands for IMO compliant fuels for years to come serving as an excellent foundation for our business in the United States going forward.”

“We have a determined focus on expanding our Global Physical Supply network and are constantly looking for new growth opportunities. The United States is and will always be one of our core markets and we continue to see growth potential in the coming years,” said Bunker One Global Director Peter Zachariassen.

“The evolution of our relationship with Vertex is a great example of our expansion strategy in action. The importance of the deep local knowledge, together with a perfect partnership, is the key to success – local expertise strengthens our position as a global player, which is exactly what we have promised our customers.”

 

Photo credit: Bunker Holding
Published: 14 January, 2020

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Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

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Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

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Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

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LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

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Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

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DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

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