Environment

  • Standard Chartered projects up to $1.5 trillion...

    Sustainability-linked loans will emerge at the forefront of shipping finance as investments of $1.4 trillion-$1.5 trillion are needed over the next three decades for technology, operations and fuels to halve shipping’s carbon emissions by 2050, a top banking executive said late April 20.

     

  • Glosten: U.S. needs government leadership on low-...

    At a congressional hearing on maritime industry decarbonization last week, the president of naval architecture firm Glosten, Inc. called for a new strategic initiative to invest in green technology for the U.S. domestic fleet. 

     

  • Yara Marine and BAR partner for wind sail...

    Efforts to expand the use of wind-assisted propulsion took another step forward as Yara Marine Technologies and BAR Technologies announced a new partnership to design and implement wind-assisted propulsion for the global shipping industry. Building on a project already underway to install solid sails aboard Cargill bulk carriers, the companies are looking to expand the use of the solid wing sail technology to provide the commercial shipping industry a near-term solution to reduce carbon emissions.

     

  • Methanol fuel cell test with Alfa Laval, DFDS,...

    Testing is beginning on a new generation of methanol-fueled high-temperature membrane full cell as part of a program to accelerate the commercialization of the technology as an auxiliary marine power source. During a year of planned testing at the Alfa Laval Test & Training Centre, the fuel cell system’s durability and lifetime will be in focus while working with DFDS, Maersk Drilling, and Hafnia to develop the operational and implementation aspects for the fuel cell technology.

     

  • Industry leaders collaborate to develop guidance...

    Lloyd’s Register Maritime Decarbonisation Hub and the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping form new project with A.P. Moller-Maersk, MAN Energy Solutions, Mitsubishi Heavy Industries, NYK Line and Total to support shipping’s transition to zero-carbon. 

     

  • World Bank recommends avoiding LNG as it explores...

    As part of the ongoing debate on the means to achieve decarbonization for the maritime industry, the World Bank weighs in on the issue with a series of new research reports providing its perspective for policymakers and the industry. While it concludes that there are major opportunities, the international financial organization dismisses the long-term role of LNG instead joining the growing support for ammonia and hydrogen as the most promising future fuels for shipping.

     

  • Crowley begins bunkering bay area ship assist tug...

    Crowley Shipping and Shell Trading U.S. (STUSCO) have started using biofuel to power the tugboat Veteran, a ship assist and escort tug serving the San Francisco Bay market. The new bunkering contract will help Crowley reduce the carbon footprint and greenhouse gas impact of its maritime operations.

     

  • Singapore’s first carbon neutral LNG cargo uses...

    In another example of the use of carbon offsets to achieve carbon neutrality, Pavilion Energy Singapore reported that it has imported Singapore’s first carbon-neutral LNG cargo.  A subsidiary of the Singapore government’s Temasek investment company, Pavilion is a global energy company trading LNG and developing the LNG bunkering business for the maritime industry.

     

  • Total and Siemens collaborate on reducing...

    With the continuing growth of the LNG as a fuel of choice for the shipping industry, attention is turning on seeking improvements to make the established practices more sustainable to further support the growth of the market. Two of the leaders in energy and energy technology, France’s Total and Siemens Energy announced that will collaborate to study sustainable solutions for CO2 emissions reduction starting with a focus on natural gas liquefaction facilities and associated power generation.

     

  • Sri Lanka files $17.38M pollution claim to fire-...

    The Sri Lankan government filed an additional $17.38 million maritime pollution claim against the owners of the tanker that burnt in September 2020 off the coast of the country. This is in addition to previous claims for reimbursement for the cost of the fire fighting efforts and a fine levied against the captain of the ship for contributing to and failing to properly report the environmental damage.

     

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Ocean energy – an emerging contender for energy system decarbonisation

Ocean energy, potentially the last Earth-bound frontier for the expansion of renewable energies, has been gathering growing headlines in recent months. After a long gestation, which has seen concepts and companies come and go, it seems to be finally emerging as a viable contender to participate in the drive for decarbonisation towards net zero emissions even if not yet fully commercially ready.

 
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Japan launches $3 billion R&D Project for Hydrogen transportation

The Japanese government will prove more than $3 billion in funding for a long-term research project designed to build a large-scale hydrogen supply chain and demonstration of hydrogen power generation technology. The wide-reaching effort will focus on the technologies required for the transportation of hydrogen as well as the processes and materials required for the handling of large amounts of hydrogen. The R&D program is part of an overall $18 billion commitment from the Japanese government to fund research to support achieving their goal of becoming carbon neutral by 2050.

 
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Maritime market update: IEA envisages an increase in use of LNG and biofuels in maritime sector for Net Zero 2050

Risavika LNG has further increased by 7.8 % to 36.83 EUR/MWh week on week following European gas hubs upward trend. Gas prices in Europe were rallying on back of lower LNG sendouts and lower Norwegian flows, while temperatures remain below seasonal norms and storage levels are still at their lowest. The outlook for gas prices is bullish for the coming week.

 
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