Sovcomflot expands business portfolio with TotalEnergies

Sovcomflot (SCF Group) has received confirmation from TotalEnergies of the exercise of its option for two further next-generation 174 000 m3 LNG carriers. The vessels will be chartered for a period of up to seven years operating within TotalEnergies global portfolio LNG trade under the technical management of Sovcomflot. The option was exercised under a

Natural gas demand growth set to slow in coming years

Natural gas demand is set to rebound strongly in 2021 and will keep rising further if governments do not implement strong policies to move the world onto a path towards net-zero emissions by mid-century, according to a new report by the International Energy Agency. Global gas demand is expected to rise by 3.6% in 2021

IMO adopts an Arctic heavy fuel oil ban

The United Nations shipping agency on Thursday adopted a ban on the use of heavy fuel oil in the Arctic region, but environmental groups said the regulations contained loopholes which will allow many vessels to keep sailing without enough regulatory control. Antarctic waters are protected by stringent regulations, including a ban on heavy oil fuel

India’s Rs 50,000 cr bet to cut dependence on foreign oil

India is set to spend almost $7 billion to boost ethanol production as it prepares to roll out a greener mix of gasoline that may cut its dependence on foreign oil. About 10 billion liters of ethanol will be required each year to meet the 20% ethanol-blended fuel standard by 2025, India’s Oil Secretary Tarun

High-Sulphur Fuel Oil sales rebound after pre-IMO 2020 correction

HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before the IMO 2020 Sulphur Cap came into force. The 1 million tonne increase in HSFO sales exceeded the fall in low-sulphur fuel oil (LSFO) and marine gas oil

China’s Zhoushan VLSFO prices lag crude gains

Bunker fuel prices for very low-sulphur fuel oil (VLSFO) at China’s largest bunker port of Zhoushan have lagged crude gains so far in 2021 because of rising domestic refinery supplies, which is increasing competition for market share as supply outpaces demand. Zhoushan’s VLSFO bunker prices rose by 19% during 4 January to 18 February to

CII seeks nod for use of very low sulphur fuel in industries

With the government directing industries to discontinue the use of furnace oil and petcoke, the Confederation of Indian Industry (CII) has requested the department of environment to permit the use of very low sulphur furnace oil (VLSFO). CII–Goa state council met with environment minister Nilesh Cabral and submitted a memorandum asking for VLSFO to be

Stricter checks hit bunker fuel demand at Chinese ports

A slowdown in port efficiency in China because of stricter Covid-19 quarantine requirements and safety checks has weighed on bunker fuel demand at Chinese ports since May. Spot demand for very low-sulphur fuel oil (VLSFO) captured by Argus at China’s largest bunkering port of Zhoushan in east China has fallen to about 2,600 t/d as

Hyundai Motor Signs MOU to Commercialize Hydrogen Fuel Cell Propulsion Systems

Hyundai Motor Signs MOU to Commercialize Hydrogen Fuel Cell Propulsion Systems for Marine Vessels Hyundai Motor Company announced that it has 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

Future Fuels in the Maritime Sector – Building the Bridge to Hydrogen

International seaborne transportation is a primary driver of international trade and the global economy, with approximately 80 percent of global trade by volume carried by ships at sea. The shipping sector has experienced steady growth for decades, although carbon dioxide (CO2) is the primary greenhouse gas (GHG) emitted from marine shipping. In 2012, CO2 and