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Whitepaper: GCMD explores PAYS financing mechanism in boosting maritime EET adoption

Paper examines data-financing gap that is plaguing EET adoption and how PAYS built upon shared-risk contractual agreements can stimulate third party investment into energy efficiency technologies.

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Whitepaper: GCMD explores PAYS financing mechanism in boosting maritime EET adoption

The Global Centre for Maritime Decarbonisation (GCMD) on Wednesday (6 March) released its latest whitepaper on maritime energy efficiency technologies (EET) retrofits. 

GCMD said commercial barriers that are a result of business-as-usual operations in the industry are limiting the scaling of energy efficiency technologies in shipping. 

“The inability to quantify variable performance of EETs alongside split incentives are hindering investments into new and high potential EETs,” it said on its whitepaper titled Pay-As-You-Save: Closing the data-financing gap to turbocharge maritime Energy Efficiency Technologies (EET) retrofits.

“Our whitepaper explores how a Pay-As-You-Save (PAYS) financing mechanism, combined with best-in-class data standards, can turbocharge EET adoption.”

The paper explored the data-financing gap that is plaguing EET adoption and how PAYS built upon shared-risk contractual agreements can stimulate third party investment into EET. 

According to the paper, PAYS is a financing model that has been successfully used in other sectors to accelerate the adoption of energy efficiency solutions. 

“Applied to the building sector, PAYS works by redistributing upfront installation costs and then recouping them through the tangible savings achieved on the tenant’s monthly energy bill,” the paper said.

For PAYS to be effectively applied in the maritime sector, a complete solution built on a shared risk approach is critical, one on which multi-party collaboration agreements among partners that span the entire value chain has to be developed.

In the GCMD-BCG survey, more than 50% of the survey respondents indicated PAYS as a viable pathway to encourage broader adoption of EETs.

To specifically enable PAYS in the maritime sector, three types of collaborative agreements must come together, namely agreements that specify the terms for technology installation, data validation, and data-driven financing.

Note: The full whitepaper titled ‘Pay-As-You-Save: Closing the data-financing gap to turbocharge maritime Energy Efficiency Technologies (EET) retrofits’ can be viewed here.

 

Photo credit: Global Centre for Maritime Decarbonisation
Published: 7 March 2024

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LNG dual-fuel tugs begin operations in Hong Kong Terminal

Built by Cheoy Lee Shipyards, “LNG Sentinel I” and “LNG Sentinel II” were specifically designed for service at the Hong Kong LNG Terminal Limited import terminal.

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LNG dual-fuel tugs begin operations in Hong Kong Terminal

A pair of dual fuel (diesel and LNG) RAstar 4200-DF standby vessels have recently entered service with Hongkong Salvage & Towage (HKST), according to naval architect company Robert Allan Ltd recently.

Built by Cheoy Lee Shipyards, LNG Sentinel I and LNG Sentinel II were specifically designed for service at the Hong Kong LNG Terminal Limited (HKLTL) import terminal.

Featuring a unique electrical propulsion system with Z-drives that can receive power from both diesel and dual fuel (diesel and LNG) propulsion gensets, these vessels will help maintain a safety zone around the terminal and assist with berthing of LNG carriers to the jetty. 

They will also transport personnel plus equipment between Hong Kong and the floating regasification and storage unit (FSRU) and jetty. Their standby duties may include emergency towing of the FSRU, fire-fighting, spill response, and rescue.

Working closely with both HKST and Cheoy Lee Shipyards through the design process was key to enabling Robert Allan to design this vessel pair that are customised for the missions for which they will be tasked.

These vessels are the 8th and 9th LNG dual fuel tugs completed to five different Robert Allan designs, with three classification societies, and for service on three continents.

 

Photo credit: Robert Allan Ltd
Published: 30 July 2024

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LiqTech, Danbee Marine partner on marine scrubber water treatment solutions for South Korean market

‘We are excited to expand our presence in the Korean ship building market through this partnership agreement with Danbee Marine who has a strong network in the South Korea marine market,’ said Fei Chen, CEO of LiqTech International.

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Filtration company LiqTech International on Thursday (25 July) said it has entered into a partnership agreement with and Danbee Marine, a South Korean-based maritime representative to the shipping industry, to market LiqTech's marine scrubber water treatment solutions within South Korea.

Established in 2009, Danbee Marine, has been focused on delivering fuel treatment chemicals to reduce fuel consumption and emissions within the Korean maritime market. 

“Danbee Marine has a strong presence and foothold with major ship owners and shipyards with a deep insight into marine engineering and equipment. The addition of LiqTech's compact and efficient marine scrubber water treatment system offering is a synergistic extension of their existing product offerings,” LiqTech said in a statement. 

According to LiqTech, its marine scrubber water treatment system for both closed-loop and hybrid scrubbers “outperforms discharge limits regulated by the IMO Marpol VI”. 

LiqTech's solutions remove unburned fuel oil, soot particles, ash, and heavy metals from marine scrubber wastewater and take an active role in reducing world pollution. 

Since LiqTech's first marine installations in 2017, the company has successfully installed retrofit and new-build marine scrubber water treatment systems on more than 170 large commercial ships for many global ship owners. 

“Furthermore, ship owners have gained tremendous fuel savings leveraging LiqTech's water treatment units, providing for enhanced ROI,” the firm said. 

“We are excited to expand our presence in the Korean ship building market through this partnership agreement with Danbee Marine who has a strong network in the South Korea marine market,” said Fei Chen, CEO of LiqTech International. 

“As the second largest ship building market in the world, we have had a presence with a small number of key customers, including Hyundai Merchant Marine over the years, but have lacked the large-scale presence across a wide variety of ship builders that Danbee can provide.”

“I look forward to working with the capable team at Danbee to deliver our advanced and proven marine scrubber water treatment solutions to help ship owners and ship builders in South Korea fulfil regulatory requirements.”

 

Photo credit: Felix Fuchs on Unsplash
Published: 29 July, 2024

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Singapore: Annual general meetings scheduled for Xihe Holdings subsidiaries

Annual general meetings of companies/creditors will be held for Xin Chun Shipping (Pte) Ltd and Xin Dun Shipping (Pte) Ltd on 11 July and 9 July respectively, according to Government Gazette notices.

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Notices were published on the Government Gazette on Friday (21 June) regarding scheduled annual meetings for two Xihe Holdings subsidiaries Xin Chun Shipping (Pte) Ltd and Xin Dun Shipping (Pte) Ltd.

Annual general meetings for Xin Chun Shipping are to be held on 11 July at the following times:

For the company: 10.00 am
For the creditors: 11.00 am 

Annual general meeting for Xin Dun Shipping are to be held on 9 July at the following times:

For the company: 10.00 am
For the creditors: 11.00 am

AGENDA

  1. To receive an update on the liquidation.
  2. To receive an account of the Liquidators’ acts and dealings, and of the conduct of the winding up.

The following are the details of the liquidator:

Ho May Kee
Liquidator
c/o 8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960

Xihe Holdings Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading.

Related: JMs: First creditors meeting of Xihe Holdings subsidiaries to be held in January 2021

 

Photo credit: Benjamin-Child
Published: 24 June, 2024

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