A second wave of scrubber installations will likely sweep the marine industry as the price differential between high sulfur fuel oil and very low sulfur fuel oil, or the Hi-5 spread, stabilizes to normal levels at major bunkering hubs, supporting HSFO demand at a time when there is a growing impetus towards greener fuels to meet shipping s environmental goals, market sources said.
Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now After the quick adjustment to the global sulfur cap, the decline in HSFO s share of total bunker sales has stopped, BIMCO s chief shipping analyst Peter Sand said in a report April 29.
EPS and Rio Tinto sign charter deal for LNG dual-fuel bulk carriers 05 May 2021 (Last Updated May 5th, 2021 12:19)
Singapore’s ship management company Eastern Pacific Shipping (EPS) has signed a charter agreement with mining company Rio Tinto for three liquefied natural gas (LNG) dual-fuel Newcastlemax bulk carriers.
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The construction of the 210,000 DWT vessels will take place at New Times Shipbuilding in China. Credit: Helmut Jungclaus from Pixabay.
Singapore’s ship management company Eastern Pacific Shipping (EPS) has signed a charter agreement with mining company Rio Tinto for three liquefied natural gas (LNG) dual-fuel Newcastlemax bulk carriers.
The agreement includes an option for an additional three carriers.
NextGEN holds first meeting to push maritime decarbonization
IMO-Singapore NextGEN project aims to facilitate collaboration and information sharing across maritime decarbonization initiatives.
The IMO-Singapore NextGEN aims to build partnerships between stakeholders in the public and private sectors, not only in the shipping industry and ports but also private and development banks, and academia.
The NextGEN project, which aims to bring together decarbonization initiatives in the maritime sector, has held its first meeting, bringing together multiple stakeholders from across the global shipping community and the maritime value chain who have an interest in cutting greenhouse gas emissions from shipping and tackling climate change.
Maritime Singapore taking steps towards a greener maritime industry
The Maritime and Port Authority of Singapore (MPA) has signed a memorandum of cooperation with six companies, namely BW Group, Sembcorp Marine, Eastern Pacific Shipping, Ocean Network Express, Foundation Det Norske Veritas and BHP, to establish a fund to set up a maritime decarbonisation centre in Singapore.
Under the partnership, each firm will contribute $10 million to support the centre and fund research and technology development projects to reduce the maritime industry’s greenhouse gas emissions. MPA will contribute an additional $60 million, bringing the total to $120 million.
The Pasir Panjang Terminal is among one of four container terminals operated by PSA Singapore that will be merged to form Tuas Port. The terminal also facilitated Asia’s first ship-to-container ship LNG bunkering operation in March, encouraging greater adoption of the fuel.PHOTO: PSA CORPORATION LTD
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