Monday, September 21, 2020

International Maritime Organization News

Japan Trio Begins Work on an Ammonia-Fueled Tugboat

A trio of marine powers in Japan -- NYK, IHI Power Systems Co., Ltd., and ClassNK -- seek to develop the world’s first ammonia-fueled tugboat. Image Courtesy NYK, IHI Power Systems, ClassNK

As the marine industry works to find the ‘fuel of the future’ to address increasingly stringent emission regulations, an interesting development from a trio of marine powers in Japan seeks to develop the world’s first ammonia-fueled tugboat. The joint research and development agreement was signed by NYK, IHI Power Systems Co., Ltd., and ClassNK recently to…

Ship Power: WinGD Debuts X-DF2.0 Technology

iCER at driving end. Image: WinGD

As shipowners mull ‘the fuel of the future’ and eye ever-stricter emission mandates from the International Maritime Organization, companies throughout the ship design, construction and supply chain continue to innovate to deliver optimum fuel efficiency and emission reduction.Today WinGD unveiled a new technology development to its dual fuel line of engines…

BIMCO: 2020 and the Collapse of Bunker Fuel Markets

Source: BIMCO

The sulfur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the center stage in the shipping industry at outset of the new decade. Four months on, the spotlights have turned to the coronavirus and the OPEC+ oil price war.The outlook for global economic growth remains bleak as the world is faced with…

LNG and Shipping Decarbonisation Target

Image: International Council on Clean Transportation

Though liquefied natural gas (LNG) could help the shipping industry to reach its decarbonization target, it could wreck the climate, finds a study.According to a research by the International Council on Clean Transportation (ICCT), switching vessels to the LNG fuel would only serve to worsen shipping’s climate impact due to previously underestimated leakage of the climate super-pollutant methane.More and more ships…

Venezuela Alters Oil Royalty Formulas, Driven by IMO 2020

© Parilov / Adobe Stock

Venezuela has changed the formulas for calculating royalties energy companies pay the government to remove references to fuel oil and some crude grades, driven by stricter rules governing marine fuel emissions, according to a document seen by Reuters.A ban by the United Nations shipping agency, the International Maritime Organization (IMO), on the use of fuels with a sulfur content above 0.5%…

Malaysia Spot Crude Premiums Hit Multi-year High

© yamashou / Adobe Stock

Asia-Pacific refineries are forking out multi-year high premiums for sweet crude produced in the region as alternative supplies from the West have become more expensive with the rise in shipping costs, several trade sources said on Monday.Lower exports from Indonesia and Vietnam and rising demand for very low-sulphur fuel oil (VLSFO) have also helped push…

Asian Refiners Strive to Finish IMO Preparations

© vladsv / Adobe Stock

At SK Energy's largest refinery in South Korea, engineers are rushing to complete a new processing unit ahead of schedule as the firm looks to boost sales of low-emission fuels before new marine fuel standards take effect in just one month.In Japan, the country's second-biggest refiner Idemitsu Kosan Co is taking a more cautious stance, increasing capacity for low sulphur fuel oil (LSFO)…

German Shipping to Use LSFO

Ralf Nagel, Chief Executive Officer. Photo: VDR

The vast majority of ships in the German fleet will run on the new sulfur-reduced fuel (Low Sulfur Fuel Oil, LSFO) from 1 January at the latest. This is one of the findings of a survey conducted by the German Shipowners’ Association (Verband Deutscher Reeder, VDR) among its member companies.While the body of data obtained through the survey is not representative of the German shipping industry as a whole…

Germany Mulls Onshore Power in Seaports

Ralf Nagel. Photo: German Shipowners’ Association

German federal government took a step to make onshore power in seaports more attractive; this week the environment ministers of the federal and state governments will be meeting in Hamburg to discuss onshore power initiatives in Germany.Against this backdrop, the German Shipowners’ Association (Verband Deutscher Reeder, VDR) welcomes plans to provide ships…

Norway Supports GreenVoyage-2050 Project

Pic: IMO

Partnerships and innovations are essential to combat climate change through reductions in GHG emissions. Norway has provided an additional NOK 40,000,000 (US$4.3. million) to the International Maritime Organization (IMO)-Norway GreenVoyage-2050 project, which will support GHG reductions in line with the IMO initial strategy for reducing greenhouse gas emissions from shipping.This supports UN SDG 13 on climate action.

Hellenic Q3 Core Profit Falls 15%

Hellenic Petroleum's core profit fell 15% in the third quarter on lower refining margins, Greece's biggest oil refiner said on Tuesday.Adjusted for oil inventory holdings, earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 201 million euros ($222.91 million), down from 237 million euros in the same period last year.The figure was at the high end of analysts' forecasts from a Reuters poll.Hellenic…

IRENA: Shipping Industry Must Cut Emissions

Pic: International Renewable Energy Agency (IRENA)

The International Renewable Energy Agency (IRENA) highlighted the importance of reducing shipping emissions and following the path towards a carbon-zero industry, in line with International Maritime Organization (IMO)’s sustainability targets.IRENA said that immediate action is required if the global shipping industry is to meet a target of halving its carbon…

Heavy Crude Demand Boosts Mitsui Profits

Higher demand in low-sulphur heavy crude ahead of new rules on shipping fuel is helping to boost the profit of Mitsui & Co as the Greater Enfield project in Australia began production in August as scheduled, the Japanese trading house's CEO said on Thursday."The timely start of production of fine-quality low-sulphur heavy crude at the upstream project had also a ripple effect to our energy trading unit in Singapore…

Valero Energy Profit Beats Estimates

© Ken Wolter / Adobe Stock

Independent U.S. refiner Valero Energy Corp reported better-than-expected quarterly profit on Thursday, benefiting from easy access to cheap light crude from the country's prolific shale oil basins.U.S. refiners have been revamping their processing units to make them compliant with the International Maritime Organization's (IMO) regulatory standards, which…

QP Begins VLSFO Bunkering at Ras Laffan Port

Image: Qatar Petroleum

State-owned oil company Qatar Petroleum announced the commencement of Very Low Sulfur Fuel Oil (VLSFO) bunker supply operations at Ras Laffan Industrial City (RLIC) Port.The VLSFO marine fuel offering has been initiated in advance of the International Maritime Organization (IMO) 2020 regulation for a 0.50% global Sulfur limit for marine fuels which will come into effect 1st January 2020.Qatar Petroleum…

Green Shipping Fuels of the Future

Pic:  International Maritime Organization (IMO)

Ammonia and hydrogen are promising potential fuels of the future in a de-carbonized shipping industry, which has to switch to alternative, zero carbon fuels in order to meet the targets set out in the initial  International Maritime Organization (IMO) strategy on reduction of GHG emissions from ships, an IMO symposium on sulfur 2020 and alternative fuels heard on Friday (18 October).Setting the scene…

EU/IMO Project Drives Energy Efficiency

Image:  International Maritime Organization (IMO)

A global network of maritime technology cooperation centers has completed an impressive array of pilot projects over the past three years, helping to drive forward the changes which are required to reduce GHG emissions from shipping.Five regional Maritime Technology Cooperation Centres (MTCCs) have been established under the Global Maritime Technology Cooperation Centers (GMN) Project…

U.S. Shipping Sanctions Give Boost to EU Refiners

Exxon's Rotterdam Refinery (CREDIT EXXON)

U.S. sanctions imposed last month on subsidiaries of vast Chinese shipping fleet Cosco have given an unexpected boost to European refiners as less crude oil from the North Sea and West Africa heads east, traders and analysts said.Freight rates have soared as oil producers scramble for non-blacklisted vessels, discouraging longer-distance voyages.Complex refining…

Bloom Energy, Samsung to Design Electric Ships

 Image: Bloom Energy

California-based Bloom Energy, the provider of stationary fuel cells, has announced a collaboration with South Korean shipbuilder Samsung Heavy Industries (SHI), to design and develop ships powered by Bloom Energy’s solid oxide fuel cell technology.SHI aims to be the first shipbuilder to deliver a large cargo ship for ocean operation powered by fuel cells running on natural gas.

LR to Lead REShiP Project

Pic: Lloyd’s Register

The maritime classification society Lloyd’s Register has been brought in to coordinate REShiP (Renewable Energy Ship Propulsion) project to research and develop renewable energy ship propulsion technologies.REShiP  started in April 2019 with the aim of identifying the best solutions connected with the shipboard installation of an innovative power generation system for propulsion and on-board use…