South Korean refiner Hyundai Oilbank will sell off a majority stake in its oil storage terminal in Ulsan, on the country’s southeast coast, to help fund its green energy projects, a company official told S&P Global Platts.

Two environmental groups have thrown down the gauntlet to 15 of the world’s most prominent companies, demanding they achieve emissions-free ocean shipping by 2030, contractually agree to ship their goods on zero-emission vessels, and reject “false solutions” like liquefied natural gas (LNG) as a sustainable way to get goods to market.

The Adani Group will offer a 50% discount on charges to liquefied natural gas (LNG)-fuelled ships at Mundra, India’s largest commercial port, according to a notice seen by Reuters, as the country seeks to cut emissions under its green ports plan.

As the efforts continue toward introducing a new generation of zero-carbon emission engines, Wärtsilä is reporting that that has made significant progress in a testing program with its fuel-flexible combustion engines. The Finnish engine manufacturer now expects to have a marine engine capable of running on an ammonia blend available this year as it proceeds toward a pure ammonia-fueled engine for the marine market and a pure hydrogen power system for the energy market.

The first liquefied natural gas bunker vessel that will be deployed in a French homeport later this year is nearing completion at a shipyard in China. Built for the collaboration between TotalEnergies Marine Fuels and Mitsui O.S.K. Lines, the vessel will be among the largest LNG bunker vessels and incorporate several refinements in the design versus the group’s first vessel that was placed into service last year.

Hyundai Motor Company signed a Memorandum of Understanding (MOU) with Hyundai Global Service, a South Korean manufacturer specializing in ship electric propulsion systems and a subsidiary of Hyundai Heavy Industries Group, and Korean Register (KR), South Korea’s only internationally recognized classification society, to develop and commercialize hydrogen fuel cell systems to propel marine vessels.

Sri Lanka will receive its first natural gas terminal providing a source of fuel for the country’s power plants under a framework agreement signed with energy infrastructure company New Fortress Energy. The terminal which will introduce natural gas to the country for the first time also represents New Fortress’ first LNG terminal in Asia.

Global shipping accounts for about 3% of the world’s annual carbon emissions, and pressure is intensifying on the industry to reduce that pollution to contribute to the international goal of net-zero carbon emissions by 2050.

Euronav NV announced yesterday a Joint Development Program (JDP) with the largest shipbuilder in the world, Hyundai Heavy Industries (HHI) and classification societies Lloyd’s Register and DNV, to help accelerate the development of dual fuel Ammonia (NH3) fitted VLCC and Suezmax vessels. The initial term of the JDP will be three years.

According to a recent statement, the Cruise Lines International Association (CLIA), highlighted the findings of three independent reports released in 2019 suggesting that, when operated in open-loop mode, Exhaust Gas Cleaning Systems (EGCS), also known as scrubbers, have minimal impact on water and sediment quality.