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Q&A: Energy security to drive marine fuels transition
Q&A: Energy security to drive marine fuels transition
Singapore, 27 March (Argus) — Argus spoke to Torben Norgaard, chief technology and analytics officer at the Maersk Mc-Kinney Moller Center for Zero Carbon Shipping, on the sidelines of the Asia Pacific Maritime (APM) conference and exhibition in Singapore from 25-27 March. Norgaard spoke about the impact of the current geopolitical turmoil on energy transition and what it means for the maritime decarbonisation. With current geopolitical disruptions, how is the industry balancing energy security and decarbonisation? The climate agenda has moved slightly down the global agenda, and instead we are seeing terms like energy resilience, energy diversity and energy security becoming more prominent in shaping energy policy. At first glance, one might expect this shift to slow down the energy transition. But when we look at investment flows into transition technologies and new energy systems, they are increasing year on year — quite aggressively. Countries that are not self-sufficient in fossil fuels are looking to secure energy through domestic resources, such as biomass or renewable electricity. So, while multilateral climate action may be weakening, a more regional and security-driven approach is emerging. Paradoxically, this is sustaining — and in some cases accelerating — investment in the energy transition. Are alternative fuels reliable enough today to support shipping at scale, from both a supply and investment perspective? From a technical standpoint, we have high confidence in the fuels being considered — bio-based fuels, methane, ammonia, methanol and other alcohols. The challenge now is not technology, but mobilisation. The maritime sector needs to be able to compete for these fuels in broader energy markets, and that depends heavily on maritime regulation. Investments in low-emission fuels are not made for shipping alone. These are part of broader energy systems that serve multiple industries. What we are tracking is where these energy systems are developing, and how shipping can position itself to participate in those markets. The first wave of fuels entering maritime will be those that use existing infrastructure and technology. These include bio-oils for conventional vessels and biomethane for LNG-fuelled vessels. These upstream investments are relatively robust because they serve multiple sectors and make use of existing infrastructure. The second wave — such as methanol, ammonia and other synthetic fuels — is more complex and higher cost. These pathways still lack clear market structures and demand signals, which is why they are progressing more slowly. Given current uncertainty, how are shipowners making investment decisions? Shipowners recognise that the industry is becoming more complex. We see two main pathways emerging — a liquid fuel pathway and a gaseous fuel pathway. The choice between them depends on factors such as geography, trading routes and vessel type. The next decision is how "future-ready" to make a vessel. We know the transition is coming, but the exact timing is uncertain. Shipowners, therefore, need to balance investing now versus preparing for future retrofits. The key focus is building optionality — ensuring vessels can operate under multiple future scenarios. Will the energy transition slow down or accelerate in the next three to five years? The transition is continuing to accelerate. If you look at total emissions from maritime activity, they have remained relatively stable, even as trade has grown. This means emissions per unit of cargo have decreased significantly by around 30pc over the past decade. In the next 3-5 years, we will see increased uptake of fuels that are already viable and compatible with existing infrastructure — primarily biofuels and biomethane. Has the deferment in IMO's NZF (International Maritime Organization's net zero framework) set back the transition? The status on IMO's NZF, I would not call it a setback, but the IMO session in October 2025 was a missed opportunity for taking a step forward. Not adopting the framework delayed progress, but it did not reverse it. The industry would benefit from global regulation rather than a patchwork of regional rules. Is Asia well-positioned to support this transition? Asia is very well positioned from a technology and readiness perspective. Most vessels are built here, and much of the innovation, testing and pilot activity for new fuels is taking place in Asia. However, what Asia lacks is a strong regulatory framework that enables shipping to compete for low-emission fuels. In this respect, Europe is currently ahead, with more developed regulation that creates demand and supports fuel uptake. What role can Singapore play in the transition? Singapore already plays an important role, particularly in de-risking the operational aspects of new fuels through pilots and testing. There is an opportunity for Singapore to go further — not just as a maritime fuel hub, but as a broader energy hub. That means taking a systemic view, integrating multiple industries and creating demand across sectors. However, there is also a structural challenge. Future energy systems may shift towards producing energy closer to where it is consumed, rather than transporting it globally. By Mahua Mitra Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US pushes IMO to overturn net-zero framework
US pushes IMO to overturn net-zero framework
Sao Paulo, 23 March (Argus) — The US has asked the International Maritime Organization (IMO) to end its attempt to approve a net-zero framework (NZF) for the maritime sector. The country suggests canceling the extraordinary meeting scheduled for October to vote on the net-zero framework, because the model under approval would "have dire economic consequences for the shipping industry, energy producers and global consumers". The US already opposed the NZF proposal at the extraordinary meeting in October 2025 and spearheaded the movement to postpone the vote. The request was included in the submission letter of the US delegation attending the 84th session of the Marine Environment Protection Committee (MEPC 84), which will take place in 27 April-1 May, in London. The creation of the NZF was approved at MEPC 83 in April 2025, but the regulation of the measure, in October of last year, was postponed because of a lack of consensus. The new extraordinary meeting is scheduled for October this year, and the measure can be adjourned for more 12 months. In the submission letter, the US argues that the 2025 version of the NZF favors the use of "expensive, unproven, and unavailable fuels", instead of prioritizing existing fuels such as biofuels and LNG, of which the US is a major producer. The submission also argues that the NZF should not contain a carbon pricing mechanism, because this would transform the IMO into a "global climate bank," diverting it from its original mission of regulating the maritime sector. Furthermore, the US says there is a strong lack of consensus among IMO member states, as was apparent in the divided vote to postpone the NZF vote last October. At the meeting, 57 countries voted for postponement, 49 voted in favor, while 21 abstained. The US argues that, should discussions for the creation of a NZF return in the future, the mechanism should not include a carbon emission tax or any type of penalty, nor should it restrict or limit the use of any type of fuel, whether fossil or not. It also calls for the abolition of regional mechanisms for energy transition in the maritime sector, such as EU ETS and FuelEU Maritime in the EU. The US also said that, in case of approving a new NZF model, the acceptance model should be the "explicit acceptance" or "opt-in" procedure. Under this proposal, the regulation would come into effect only after two-thirds of the parties — or parties whose combined merchant fleets constitute not less than 50pc of gross tonnage of the world's merchant fleet — voluntarily communicate to the IMO the acceptance of the framework. By Gabriel Tassi Lara Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil's MGO demand slumps due to export tax
Brazil's MGO demand slumps due to export tax
Sao Paulo, 19 March (Argus) — Demand for marine gasoil (MGO) in Brazilian ports has plummeted because the Brazilian government's implementation of a 50pc tax on diesel exports and its derivatives have made the product uneconomical to export. The tax, which took effect on 12 March , applies to MGO exports and sales in Brazilian ports to internationally flagged vessels. Since then, suppliers have described MGO demand as "non-existent", with participants mainly buying very-low-sulfur fuel oil (VLSFO). Even domestically flagged vessels have prioritized VLSFO for cabotage because of the higher price of MGO in Brazil. Disruption at the strait of Hormuz, through which 20pc of the world's oil typically flows, has strained the global oil supply. As a result, the Brazilian market is facing a shortage of diesel derivatives. The tax aims to retain product in the domestic market and contain price increases. Brazilian suppliers exporting MGO and gasoil to Africa and Europe have also reported that buyers cancelled volumes scheduled for the coming weeks. The 50pc tax makes Brazilian diesel much more expensive than international prices, a supplier said. Argus assessed MGO in Santos at $1,482/metric tonne (t) and at $1,541/t in Rio de Janeiro on 18 March. Those prices exclude the 50pc tax. By Gabriel Tassi Lara Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Fujairah oil loadings halted after new drone strike
Fujairah oil loadings halted after new drone strike
Dubai, 16 March (Argus) — Oil loading operations at the port of Fujairah in the UAE have been suspended after a drone strike sparked a fire in the emirate's petroleum industrial zone early today, according to local authorities and people familiar with port operations. The Fujairah government media office said a fire broke out in the Fujairah oil and petrochemicals area after the site was targeted by a drone. Civil defence teams were dispatched to contain the blaze and no casualties were reported. Oil loading activities at the port were halted as a precaution while damage assessments are under way, according to people familiar with port operations. Fujairah, located on the Gulf of Oman outside the Strait of Hormuz, is a critical hub for the UAE's crude exports, refined product storage and bunkering operations. The port handles shipments of Murban crude exported through the UAE's Habshan–Fujairah pipeline system (Adcop), with a 1.5mn b/d capacity, and serves as one of the world's largest storage and fuel supply hubs for ships operating in the Mideast Gulf. The UAE had been "sweating its assets" since the strait's closure, sources had informed Argus , and the pipeline was estimated to be carrying 1.7mn–1.8mn b/d before today's hit. The latest incident marks the second disruption at Fujairah in recent days. At least two crude storage tanks were damaged in drone strikes on 14 March and later caught fire, sources familiar with port operations told Argus earlier. A separate strike was reported near the Vopak terminal area, although the exact location was not confirmed. Fujairah Oil Tanker Terminal, where most crude loading operations take place, also sustained damage earlier this month from falling debris following what authorities described as a successful air defence interception. Most storage terminals and berths at the port resumed operations following the earlier incident, although some infrastructure had yet to fully recover. The attacks come as the war between the US-Israel coalition and Iran has effectively halted most tanker traffic through the Strait of Hormuz, forcing Gulf producers to curtail exports and adjust production. Energy infrastructure across the UAE has come under increasing pressure in recent days. A drone strike today also triggered a fire at a fuel storage facility near Dubai International Airport, briefly disrupting flight operations at one of the world's busiest aviation hubs before the blaze was contained. International oil companies have already begun reporting operational disruptions linked to the conflict. France's TotalEnergies said last week that production had been shut down or was in the process of shutting down in Qatar, Iraq and offshore UAE operations, representing around 15pc of the company's global output. The firm said onshore UAE production of roughly 210,000 b/d linked to its interests remained unaffected, while the impact of LNG disruptions in Qatar on its trading operations was limited. Fujairah has become increasingly important to global oil markets because it allows UAE crude to be exported without passing through the Strait of Hormuz, equivalent to over 1.5pc of global oil demand. The hub has extensive storage capacity for crude and refined products and supplies bunker fuel to vessels transiting the region. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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