Waterfront Shipping enters into time-charter agreement with Trafigura

Waterfront Shipping, a subsidiary of Methanex, the world’s largest producer and supplier of methanol, announced that it has entered into a time-charter agreement with Trafigura, one of the world’s largest physical commodity trading groups. Under the agreement, Trafigura will operate the co-owned Waterfront Shipping and Clean Sea medium-range product tanker, Mari Innovator, as part of

TotalEnergies becomes member of the Castor Initiative

French energy major TotalEnergies has become the eighth member of the Castor Initiative, a multinational coalition of shipping industry players committed to the development and construction of ammonia-powered tankers. The coalition, founded in 2020 by Malaysia’s top shipping line MISC, South Korean shipbuilder Samsung Heavy Industries, and class society Lloyd’s Register, also includes German engine

WSC responds shipping’s inclusion in EU carbon market

The World Shipping Council (WSC), representing the international liner shipping industry, has issued a response to the preliminary agreement by the European Parliament, Council and Commission to include the maritime sector in the EU Emissions Trading System (EU ETS). The agreement also sets in motion the next steps for the EU to make the ETS

UK marine sector needs $90bn for meeting shipping netzero target

UK maritime sector will need around £75bn ($90bn) of investment over the coming three decades to transition to net zero, a new report released by London-based shipping asset manager Marine Capital estimates. In 2019, the UK became the first major economy in the world to legislate to reach net zero by 2050 including the domestic

EU agrees preliminary ETS deal for shipping

EU institutions have hammered out a preliminary agreement to include shipping within the scope of the emissions trading system (ETS). Under the deal struck late Tuesday evening, all ships of 5,000 gt and over within the EU will be required to pay for 100% of their emissions, while 50% of the emissions on voyages between

Biofuel trials gain traction in multipurpose shipping

Biofuel, produced from plants and other feedstocks to replace traditional fossil-based fuels, are gaining a foothold in the multipurpose and heavy lift shipping industry. Various trials are under way at a number of carriers. The German heavy lift shipping line’s sustainability strategy, it added, has three core focus points: reducing carbon emissions, responsible consumption, and

Shipping community in Europe getting ready for ETS ruling

As the negotiations on the revision of the European Union (EU) emission trading scheme (ETS) enter their final stretch, European shipowners, ports, the cruise and ferry sectors, shipyards and equipment manufacturers, fuel suppliers, shippers, forwarders, port operators, shipmanagers and the European maritime clusters have called on the European Parliament and the Council to earmark the

JERA signs an agreement with MOL and NYK

JERA, a joint venture between utilities TEPCO and Chubu Electric Power Company, has signed memorandums of understanding today with the nation’s two largest shipping lines, Mitsui OSK Lines (MOL) and Nippon Yusen Kaisha (NYK), to cooperate in transporting ammonia for the Hekinan Thermal Power Plant, which is expected to begin commercial operation in the late

Shipping joins hand with producers to scale up green fuels

Organisations and initiatives across the shipping value chain, joined by some of the top producers of green hydrogen, have signed on to a joint statement at COP27, committing to the rapid adoption of green hydrogen-based fuels this decade. The signatories have agreed to work on commercially viable zero-emissions vessels operating on the deep seas by

Decarbonisation of 84% of shipping emissions possible without IMO

A new study from Brussels-based NGO Transport & Environment (T&E) suggests Europe, China and the US could decarbonise 84% of all global shipping emissions without the need for the “ineffective” IMO. T&E analysis of 2019 automatic identification systems shows 84% of shipping traffic goes through Europe, China and the US. If these economies were to