Marine fuels
Overview
The introduction of new regulations has caused fundamental change across the marine fuel markets. Reliable insight and data reflecting the market direction are more pressing than ever.
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Our global coverage of marine fuels delivers market-driven price assessments, supply and demand data, price forecasts, and forward curve prices. Along with the latest news, market commentary, and in-depth analysis led by our market experts, our comprehensive insight helps your business decide on the best suited alternative marine fuel for your needs.
Latest marine fuels news
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Global standard needed to decarbonise shipping: IMO SG
Global standard needed to decarbonise shipping: IMO SG
London, 18 March (Argus) — A global approach to regulations will be essential in meeting the International Maritime Organisation (IMO) decarbonisation and greenhouse gas (GHG) emissions reduction targets set in 2023, its secretary general Arsenio Dominguez said today. Dominguez emphasised the need for "global regulations for a global sector", and said existing regional regulations such as the EU emissions trading system (ETS) will need to align to a global standard. He said the timeline to finalise these measures will be by autumn 2025, with the aim for the measures to become effective from 2027. He said an "economic pricing mechanism" will be in place by this time next year, which may be relabelled in the future as a "levy" or a "rebate". The IMO general secretary said the GHG emissions reduction strategy and the economic pricing mechanism will serve as incentives to encourage further uptake of alternative marine fuels. They will be combined with the establishment of an expert group on fuel specification standards, in order to establish marine-specific standards in response to widening specification variety in recent months. Dominguez said the IMO will retain its "fuel agnostic" approach to minimise cross-industry competition and maximise the potential for the maritime sector to meet the GHG emissions reduction targets. In addition to alternative marine fuel specifications, market participants had reported concerns around the viability of carbon intensity index (CII) regulations and how consequences for non-compliant fleets will be enacted. Dominguez said that when CII was adopted, it was regarded as a "soft implementation" that will be revised in 2026. He said a working group will be established at the next Marine Environment Protection Committee (MEPC) meeting, which will review the CII system. By Hussein Al-Khalisy Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
IMO countries condemn vessel attacks as meeting opens
IMO countries condemn vessel attacks as meeting opens
London, 18 March (Argus) — International Maritime Organisation's (IMO) member countries have today condemned attacks against commercial vessels in the Red Sea and offshore Somalia, urging the international community for a unified response. All of the opening statements of the IMO's 81st meeting of the Marine Environment Protection Committee (MEPC), which started today, were focused on recent vessel attacks. Delegates said that "seafarers are paying the price" of Yemen's Houthi actions , deploring the loss of seafarers' lives and the impact of the attacks on the environment. A direct attack on the bulk carrier True Confidence in the Gulf of Aden at the start of March killed members of the ship's crew , marking the first fatalities from attacks on commercial shipping by Yemen's Houthi militants. Delegates also pointed to the economic and environmental damages of the Red Sea traffic disruption, which are impeding freedom of navigation, and the subsequent potential increase of carbon emissions as a result of longer routes taken through the Cape of Good Hope. Some delegates also commented on the recent piracy attacks off the coast of Somalia, praising Indian navy's recovery and rescue of Maltese-flagged MV Ruen , which had been hijacked for about three-months. The delegate from Somalia condemned the piracy attacks, and added that the Somali government is working with Turkey to rebuild the Somali navy. The delegate from Tanzania added that international cooperation must also be accompanied by international support and recognition by the governments of Somalia and Yemen to put a cease on the respective attacks, while others pushed for increased "naval presence" in the region. By Hussein Al-Khalisy Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Q&A: BV sees CCS use in shipping picking up
Q&A: BV sees CCS use in shipping picking up
Singapore, 18 March (Argus) — Carbon capture and storage (CCS) in shipping will likely become more common in the next few years as an interim decarbonisation measure for the maritime industry, along with its shift towards using cleaner fuels. Argus spoke with Mike Watt, director of classification society Bureau Veritas' (BV) Innovation Centre of Alternatives and Renewable Energy and its Future Shipping Team, South Asia and Pacific on the sidelines of the Asia Pacific Maritime 2024 conference and exhibition in Singapore last week. Edited highlights follow. Why do you feel CCS in shipping will likely become more common in the next few years? If you remember the scrubber revolution that happened a few years ago, there are parallels with CCS. We were talking about scrubbers for sulphur and now "scrubbers" for carbon dioxide (CO2). It's cost efficient as well. Shipowners are looking for something they can use now, as compared to scrapping an entire fleet of ships which will have other implications on sustainability. CCS helps with emissions reductions without shipowners having to renew fleets early, especially for owners of fleets in the 10-year range who would be looking to keep them for at least another 5-10 years. The technology to implement CCS is mature as well, and therefore has enormous potential to help hard-to-decarbonise industries to minimise CO2 emissions. Could you share with us more about the findings from the feasibility and design study regarding installing CCS units on existing ships that BV conducted last year? We partnered with Hong Kong's Wah Kwong Shipping and marine technology company Shanghai Qiyao for the study and trialled the installation of CCS units onboard two in-service ships. We wanted to look at the design aspects of it and space utilisation onboard. We found there was a high degree of feasibility, and CCS can be tailored for a diverse range of vessel types without significant disruption to exhaust trunking and machinery. A lot of analysis was done on pre-design, operating conditions, maintenance of the system, analysis of the installation and calculations of the electrical load. Via Qiyao's system, an organic amine compound solution reacts with CO2 in the scrubber, separating it from exhaust gas. The dissolved CO2 compound solution is then released at high temperatures in the stripper. The extracted CO2 is then compressed, purified and cooled into liquid form. The liquefied CO2 is finally stored in a low-temperature storage tank. We found that there is likely enough space for CCS units on board without disturbing too much of the existing systems. Where carbon capture can be applied in connection with alternative fuels is in the production of blue fuels, such as blue hydrogen. Blue hydrogen is produced via a steam reforming process, which brings together natural gas and heated water in the form of steam. But CO2 is also produced as a by-product. CCS can then be used to trap and store this CO2. What are the challenges you foresee in implementing CCS in shipping? The biggest challenge would be the infrastructure required to process the captured carbon and finding offtakers for it. Essentially, the mapping of the entire value chain. But this will become more established as CCS technology is adopted more by shipowners. We also need port facilities and the ability to take that captured carbon on vessels and process it. For example, how do you transfer carbon ship-to-ship or ship-to-truck? It'll be interesting to see the outcome of studies regarding this. We had similar discussions on LNG before. The commodity may be different but the process is similar. Other limitations include technological effectiveness, although this will also improve over time, and how much carbon can be captured. To achieve maximum possible CO2 reduction, customised design of CCS units would be required on an economically viable basis. There are pilot projects under way and the components are there for CCS in shipping to happen. But decisions also have to be made at the International Maritime Organisation (IMO) level first of all that will then propel the industry forward. I'm looking forward to see if there's any amendments to IMO regulations at the Marine Environment Protection Committee 81st session . By Sarah Giam Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Ammonia-fuelled vessel trialled in Singapore
Ammonia-fuelled vessel trialled in Singapore
Singapore, 15 March (Argus) — Ammonia as a marine fuel has been trialled in Singapore on a dedicated vessel, in another step towards the port's multi-fuel bunkering capability. The trial, carried out in phases over a period of seven weeks, used ammonia in combination with diesel in the combustion process. The Maritime and Port of Authority of Singapore (MPA), along with government agencies, research partners and industry partners were involved in the trial process, said the MPA and Australian green energy, metals and technology firm Fortescue. Completion of the trial saw the Fortescue Green Pioneer receive flag approval from the Singapore Registry of Ships, along with a notation by classification society DNV to use ammonia, in combination with diesel, as a marine fuel. The trial had two of the four-stroke engines on the Fortescue Green Pioneer loaded with 5m³ (3t) of liquid ammonia supplied by Dutch storage firm Vopak from its 10,000m³ Banyan terminal on Jurong island. The Fortescue Green Pioneer was converted to run on ammonia, in combination with marine gasoil, following its first land-based testing in Australia in 2022. Ammonia has been promoted as a viable low-carbon alternative fuel for the marine shipping industry that is striving to cut its greenhouse gas (GHG) emissions. But the use of ammonia as a fuel has often focused on its safety risks because of its toxicity, while burning ammonia releases another GHG nitrous oxide. The Singapore trial was done in phases to ensure safe port operations and the safety of the ship's crew, as well as engineers, the MPA and Fortescue said. The crew and engineers have been having safety training since October 2023. "The Fortescue Green Pioneer is proof that safe, technical solutions for ammonia power engines exist," said Fortescue chairman Andrew Forrest. Alternative marine fuel demand in Singapore is likely to grow because of higher consumption of biofuels, as well as the rise of bio-methanol for bunkering. Singapore is also exploring using ammonia as a fuel for power generation. By Mahua Chakravarty Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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