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Hapag-Lloyd ups biofuel for marine fuel

  • Market: Biofuels, Emissions, Oil products
  • 13/04/23

German cargo ship operator Hapag-Lloyd has significantly increased its reliance on biofuels as a marine fuel as part of its bid to cut its CO2 intensity.

The company used about 120,500t of bunkered biofuels in 2022 compared with approximately 18,500t the year prior, according to its most recent sustainability report. Hapag-Lloyd is trying to decrease its CO2 intensity by 30pc by 2030 compared with its 2019 levels.

Greenhouse gas emissions from burning biofuels are more than 80pc lower than conventional marine fuels, according to the company, including the emissions from producing and transporting the biofuel.

Most of the company's biofuel bunkering has been done in Rotterdam, Netherlands, part of the Europe's largest bunkering corridor, Amsterdam-Rotterdam-Antwerp. It first started bunkering biofuel in Rotterdam when it refueled the vessel Montreal Express with B20 biofuel.

Hapag-Lloyd said it is looking to bunker biofuel in other regions such as Singapore and the US east coast. Earlier this year, French energy company TotalEnergies delivered biofuel to Hapag-Lloyd in Singapore as part of a supply agreement.

The company has also invested in LNG as a marine fuel, spending $2bn on 12 new dual-fuel containerships that are set to be delivered starting this year through 2024. Hapag-Lloyd ships consumed 4,582t of LNG last year compared with 2,551t in 2021, according to the report.

Hapag-Lloyd ships consumed 3.6mn t of very low-sulphur fuel oil in 2022 compared with 3.8mn t for the year before. Its high-sulphur fuel oil consumption rose to 527,611t last year, up from 349,278t in 2021.

By Luis Gronda

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19/12/25

Mexico central bank cuts target rate to 7pc

Mexico central bank cuts target rate to 7pc

Mexico City, 19 December (Argus) — Mexico's central bank cut its benchmark interest rate by 25 basis points to 7pc, its lowest level since June 2022, maintaining a slower pace in the easing cycle on inflation concerns. The decision marked the eighth rate cut this year and the fourth quarter-point reduction following four consecutive half-point cuts. This year's cuts follow five quarter-point cuts in 2024 from a cyclical peak of 11.25pc in March. The board approved the cut in a 4-1 vote, with deputy governor Jonathan Heath dissenting in favor of holding the rate at 7.25pc. Heath has been the lone dissenter in the past five decisions, consistently urging greater caution. The central bank said the decision reflected "the behavior of the exchange rate, the weakness of economic activity and the possible impact of changes in global trade policies," repeating language used in its last four statements. Gabriela Siller, chief economist at Banco Base, pointed to a "significant change" in the bank's forward guidance, noting a shift toward a less dovish tone. The board said it "will consider when to make further adjustments" to the policy rate, replacing the "will consider cutting" language used in November. Mexican bank Banorte also said the central bank struck a less dovish tone, pointing to a change in its forward guidance. Annual inflation rose to 3.8pc in November from 3.57pc in October, according to statistics agency Inegi. Core inflation, which excludes volatile food and energy prices, accelerated to 4.43pc from 4.28pc. The central bank now sees headline inflation ending 2025 at 3.7pc, up from 3.5pc in its November forecast, while core inflation is projected at 4.3pc, revised from 4.1pc. It also raised its headline and core forecasts for the first two quarters of 2026, while maintaining that both will converge to its 3pc target by the third quarter. The bank said the revisions mainly reflect a "more gradual-than-expected" easing in services inflation, along with a smaller contribution from accelerating consumer goods prices. The board also addressed recent tax reforms, which it expects will have a temporary and not necessarily proportional impact on prices, adding it will update its forecasts as it conducts a comprehensive assessment of the revised tax code's effects. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Australia needs electricity carbon policy: Commission

19/12/25
News
19/12/25

Australia needs electricity carbon policy: Commission

Sydney, 19 December (Argus) — The Australian government should introduce a national market-based policy to drive electricity sector decarbonisation, potentially modelled on the existing safeguard mechanism, economic research and advisory body the Productivity Commission (PC) said in a final report today. The PC had previously recommended applying the safeguard mechanism to electricity generators at the facility level, but it may be better to consider this issue separately, it noted in a final inquiry report into "investing in cheaper, cleaner energy and the net zero transformation". "Multiple policy options will need to be considered for the electricity sector, and even if a baseline-and-credit scheme is preferred, it may be better to keep this separate from the safeguard mechanism, at least at first, to avoid risks of uncertainty and disruption in the carbon credit markets that support that policy," the PC said. Currently there is little relationship between the emissions intensity of Australia's remaining coal-fired power plants and their announced retirement dates, according to the commission. Recognising the value of emissions reduction would pave the way for more emissions-intensive plants to retire earlier, it argued. Electricity excluded from safeguard mechanism Under the safeguard mechanism, facilities emitting more than 100,000t of CO2 equivalent (CO2e) in a compliance year across several sectors earn safeguard mechanism credits (SMCs) if they report scope 1 emissions below their baselines, and must surrender SMCs or Australian Carbon Credit Units (ACCUs) if their emissions are above the threshold. The electricity sector, Australia's largest emitter, is effectively excluded from the mechanism because the emissions reduction policy for the segment has been focused on renewable electricity targets. The mechanism applies a single sectoral baseline of 198mn t CO2e/yr across all electricity generators connected to Australia's main electricity grids, which is way above recent data — emissions from the electricity generation sector reached a combined 138.9mn t CO2e in the 2023-24 compliance year. A decision on whether to expand the mechanism to electricity may be considered in the upcoming safeguard mechanism review in 2026-27 . NEM review But any new policy will need to complement reforms arising from the National Electricity Market (NEM) review, which also received a final report this week . The decision will also need to be consistent with several policies and agreements already in place to support new investment or manage the exit of coal plants across Australia, the PC noted. While the existing Capacity Investment Scheme (CIS) and the proposed Electricity Services Entry Mechanism (ESEM) scheme mainly target renewable output or capacity, a least-cost emissions-reduction policy would help companies deciding when to retire coal and gas plants, according to the commission. This will be even more important if the Australian government prioritises firming auctions, which may support new gas-fired plants. Emissions policy uncertainty has been a major barrier to investment in gas-powered generation, the PC said. "Firming auctions will be more effective if project proponents know in advance how their emissions will be treated," it noted. Apart from a policy to drive electricity sector decarbonisation, the PC's final report urges the government to expand the safeguard mechanism , phase out fuel tax credits for on-road heavy vehicle operators, and reduce barriers to adopting low-emissions technology for heavy vehicles. And it also calls the government to phase out the fringe benefits tax exemption for electric vehicles (EVs), a recommendation that was criticised by industry body EV Council . By Juan Weik Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Viewpoint: Bitumen markets eye pockets of demand

19/12/25
News
19/12/25

Viewpoint: Bitumen markets eye pockets of demand

London, 19 December (Argus) — Paving activity may strengthen in some European and north African markets in 2026, but several others are expected to see continued declines in bitumen demand. Germany could lead any recovery, market participants said, as a new government plans to expand and maintain the road network. The country — once Europe's bitumen powerhouse — had a weak 2025, but paving work is expected to lift consumption from mid-2026. German bitumen demand has fallen by more than 20pc since 2021, while France and the UK are down by over 25pc in the same period. Budget constraints and high inflation drove these declines. Sweden, Norway and Denmark — already demand drivers in 2025 — could strengthen further in 2026. Road budgets are set to rise as governments prioritise infrastructure and the value of well-maintained highways, possibly linked to higher defence spending as Nato strengthens in Europe. North Africa has also drawn European Mediterranean surplus cargoes , and market participants expect demand from the region to increase next year, led by Algeria, Morocco and some Libyan consumption. Elsewhere, there is little cause for optimism. In France, most participants expect 2026 demand to be weaker than in 2025. With the government beset by regular upheaval and parlous public finances, road spending seems an unlikely priority. Several other northwest and central European countries will also see steady to lower bitumen consumption in 2026. Meanwhile, prospects for a peace deal between Ukraine and Russia remain slim, so a large upswing in Ukrainian import demand looks unlikely next year. Export opportunities outside Europe also appear limited, as Asia-Pacific and the Middle East remain well supplied and demand there stays slow. South Africa, now reliant on imports, is more likely to source from the Mideast Gulf or Pakistan than from the Mediterranean. The prospects of shipping product to the US could improve in the coming months, with Mediterranean bitumen values currently firm relative to crude and fuel oil. But large volumes seem unlikely. Some Mediterranean cargoes moved to the US last year, but the trend was short-lived. In the bitumen freight market, several new larger tankers will enter service in 2026, increasing vessel availability in what will still be a weak market. This could weigh on freight rates but help offset higher costs from the EU ETS scheme, which comes fully into effect in 2026 after its 2024 implementation. Bitumen prices fell in 2025 and are expected to stay under pressure through winter, before seasonal gains from March 2026. Markets should see greater strength relative to fuel oil in summer as bitumen demand typically rebounds then. Demand for bitumen was generally weaker across most European countries in 2025 than in 2024, weighing on prices. Budgets came under pressure and political challenges contributed to a lack of focus on infrastructure and road maintenance spending. Bitumen prices hit historic lows in 2025, partly offsetting inflation-driven increases in building, equipment and material costs. By Jonathan Weston Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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US House passes bill to expedite permitting

18/12/25
News
18/12/25

US House passes bill to expedite permitting

Washington, 18 December (Argus) — The US House of Representatives on Thursday approved a bill designed to fast-track permitting for energy projects and reduce related litigation risks. But a last-minute change Republicans made to exclude some offshore wind and solar projects led some Democrats and a major clean energy group to withdraw support, complicating the bill's chances of passage in the Senate. The Republican-controlled House voted 221-196 to pass the SPEED Act, with 11 Democrats crossing the aisle to vote for what would be the most significant changes to federal permitting in years. The bill will now advance to the US Senate, where proponents will likely need to agree to make significant changes if they hope to pick up the votes of at least seven Democrats to avoid a filibuster. The bill "finally brings common sense by cutting red tape that dramatically increases the cost and, in some cases, just makes it economically unfeasible to do projects", House Republican majority leader Steve Scalise (R-Louisiana) said. The SPEED Act focuses on revising project reviews under the National Environmental Policy Act (NEPA), which is a source of delay and litigation risk for pipelines and renewable projects alike. The bill would require federal agencies to narrow those reviews and uphold those decisions even if federal courts find them to be inadequate. The bill would also provide permit "certainty" by limiting the government's ability to rescind prior approvals, averting a repeat of events like the cancellation of the Keystone XL pipeline. "We applaud the House for advancing the SPEED Act, a bipartisan, commonsense step toward fixing a federal permitting system that's long been broken," oil industry group the American Petroleum Institute said. Republican leaders were hoping 30-40 Democrats would join them to support the SPEED Act. The bill had broad bipartisan support when it was drafted because of provisions meant to prevent permitting delays that have plagued both oil and gas pipelines and renewable energy development. But Republican leaders, to satisfy far-right conservatives, made a change to the bill earlier this week that would prevent its expedited permitting procedures from benefiting any project that Trump's administration has blocked or revisited since 20 January. The Trump administration has targeted multiple offshore wind and solar projects this year and has ordered the developer of the nearly complete 704MW Revolution Wind project off the coast of Rhode Island to stop construction. That change fractured a bipartisan coalition that had spent months working on technology-neutral permitting language. The American Clean Power Association, the largest industry group for US renewable energy, on Wednesday withdrew its support of the bill , arguing the "poison pill amendment" that Republicans made eviscerated bipartisan language that gave expedited permitting treatment for all types of energy resources. A number of House Democrats who had backed the bill also withdrew their support. American Clean Power plans to work with both parties in the Senate to make changes. "This is not the final draft," representative Scott Peters (D-California) said during floor debate Thursday, vowing to work with his colleagues in the Senate to address House Democrats' concerns. By Chris Knight and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

2026 set to be among 4 hottest years: UK Met Office

18/12/25
News
18/12/25

2026 set to be among 4 hottest years: UK Met Office

London, 18 December (Argus) — The forecast for 2026 suggests that it is likely to be one of the four warmest years on record, in terms of global average temperature, UK weather agency the Met Office said today. The Met Office's central estimate for 2026 puts the global average temperature at 1.46°C above pre-industrial levels. The range the agency forecasts is between 1.34°C and 1.58°C above the pre-industrial average. The central estimate suggests that 2026 will be the fourth consecutive year that the average temperature will be at least 1.4°C above pre-industrial levels. "Prior to this surge, the previous global temperature had not exceeded 1.3°C", the Met Office's Professor Adam Scaife said. Scaife leads the team behind the global forecast for 2026. The global average temperature in 2024 was 1.55°C above pre-industrial levels, making it the hottest year on record , several international weather and science agencies agreed. The Paris climate agreement seeks to limit the global rise in temperature to "well below" 2°C above pre-industrial levels, and pursues a 1.5°C threshold. The Paris accord's temperature parameters work on a longer timeframe, of at least two decades, so a temperature breach across a year or a few years does not render the accord broken. The World Meteorological Organisation in March estimated that the current level of global warming is at 1.37°C above pre-industrial levels. And climate science "may be underestimating the magnitude of human-induced global warming", given a recent surge in global temperatures, the UN Environment Programme said earlier this month. This year is "on course" to tie with 2023 as the second hottest year on record, EU earth-monitoring programme Copernicus said earlier this month . The global average temperature anomaly for January-November this year is 0.60°C above the 1991-2020 average, and 1.48°C above the pre-industrial reference period of 1850-1900, Copernicus data show. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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