BIMCO Archives - Page 9 of 15 - SHIP IP LTD

Japanese shipping company NYK said it is working with compatriot liquefied petroleum gas (LPG) trader Astomos Energy Corporation for a marine biofuel demonstration project launched by the Global Center for Maritime Decarbonization (GCMD), a non-profit organization aiming to promote decarbonization of the maritime industry.

While biofuels generate CO2 when combusted, they are considered carbon-neutral because they are made from plants and waste cooking oil. And because they can be used without remodeling the existing ship’s engines and infrastructure, biofuels are being considered among the most promising next-generation fuels for maritime decarbonization.

However, since biofuels have not been put into practical use in earnest, many data verifications, such as the mixing ratio with conventional fuels, are still needed, NYK said.

In addition, since biofuels use fossil fuels in their production and transportation processes, they are not considered net-zero emissions in LCA. Moreover, the certification scheme is not standardized internationally, so the transparency of the biofuel supply chain is also an issue.

GCMD, a non-profit organization (NPO) established in August 2021, founded by the Maritime and Port Authority of Singapore (MPA) and 6 industry partners, has launched the biofuel demonstration project project to establish an assurance framework for ensuring the supply chain integrity of current and future green marine fuels, bringing genuine benefits to end-users and the climate.

Eighteen companies and organizations, including NYK and Astomos, are participating in this project, and demonstration trials will be conducted with an investment scale of approximately $18 million. One of the objectives is to establish transparency in the biofuel supply chain with the use of tracer technologies, so this project is characterized by the participation of shipping companies as consumers. Specifically, the shipping companies will conduct a trial operation using biofuels and provide GCMD with data on their biofuel use. By facilitating and creating an optimized drop-in green fuels supply chain, this pilot will help to shape national and international standards of biofuels for the maritime industry and lower the barrier for their wider adoption to reduce GHG emissions from a lifecycle perspective.

NYK and Astomos plan to supply biofuels to an LPG carrier owned by NYK and chartered by Astomos for trial operation as part of the efforts of this project.

Source: https://www.marinelink.com/news/nyk-participates-marine-biofuel-study-498437

Keppel Offshore & Marine Ltd (Keppel O&M)’s wholly-owned subsidiaries, Keppel AmFELS, Inc (Keppel AmFELS) and Keppel Shipyard Ltd (Keppel Shipyard), have been awarded contracts worth around S$75 million for the refurbishment and completion of two floating production units (FPU).

The first contract is by Keppel AmFELS with Salamanca FPS Infra, LLC for the refurbishment of a floating production unit to be operated by LLOG Exploration Offshore, LLC, a private exploration and production company in the U.S.

Keppel AmFELS’ scope of work on the production facility includes demolition, hull modifications, and upgrades to key systems. Expected to be completed in 2Q 2024, the Salamanca FPU will have a capacity of 60,000 barrels of oil per day and 40 million cubic feet of natural gas per day. It will be deployed in the deepwaters of the Gulf of Mexico to service the Leon field and the Castile field.

As the Salamanca FPU is being upgraded and modified from a previously decommissioned production facility, the time, cost and materials to be used are greatly reduced compared with the construction of a new facility. The project has a positive Environmental, Social and Governance (ESG) impact as it would reduce approximately 70% in carbon emissions compared to a new build, and also circumvents the scrapping of an old unit.

The second contract is between Keppel Shipyard and MODEC Offshore Production Systems (Singapore) Pte Ltd (MODEC) to support the completion of a Floating Production Storage and Offloading vessel (FPSO).

Keppel Shipyard’s scope of work is to complete the topsides integration work as well as supporting the pre-commissioning and commissioning activities for the FPSO. The vessel is expected to arrive at its Singapore yard in 4Q 2022.

When completed, the FPSO, which can process 100,000 barrels of oil per day and will be delivered to Woodside Energy (Senegal) B.V. (as operator of the Sangomar Field Development Phase 1). The FPSO will be moored in waters approximately 780m deep and will be located approximately 100km south of Dakar, Senegal.

Mr Chris Ong, CEO of Keppel O&M, said, “We are pleased that customers around the world come to us for upgrade, modification and completion projects, which attests to our strong execution capabilities and versatility in undertaking a variety of projects as well as providing value-added services. Such projects also underscore our expertise in advancing the circular economy through repurposing or rejuvenating existing vessels and renewing their lifespans. As the demand for energy increases and the market improves, we are committed to support the energy transition through our innovative solutions.”

The above contracts are not expected to have any material impact on the net tangible assets and earnings per share of Keppel Corporation Limited for the current financial year.

Source: https://www.maritimeeconomy.com/post-details.php?post_id=aGZoaA==&post_name=Keppel%20OM%20awarded%20floating%20production%20contracts%20worth%20around%20USD%2075%20million&segment_name=

Bureau Veritas (BV), a world leader in testing, inspection and certification, Wah Kwong, one of Hong Kong’s largest shipowners, and Shanghai Qiyao Environmental Technology Co. Ltd. (QIYAO ENVIRON TEC), a subsidiary of Shanghai Marine Diesel Engine Research Institute, have signed a cooperation agreement to study the feasibility of installing carbon capture and storage (CCS) units on existing ships to meet 2030 CII targets.

The study will focus on two types of bulk carriers in operation in the Wah Kwong fleet. Based on the specific design parameters of the vessels, Qiyao Environmental Technology has developed a customized design of CCS units for the Wah Kwong fleet and submitted relevant drawings. BV reviewed the plans according to existing regulations and rules to ensure the safety of the vessels and equipment, and that the carbon emission reduction targets are effectively achieved during the operation of the vessels. Subsequent research work will be conducted for oil tankers.

The CCS system mainly consists of an absorption unit, a separation unit, a compression unit, a refrigeration unit and a storage unit. The main principle is that the organic amine compound solution reacts with the carbon dioxide (CO2) in the absorption unit, separating it from the rest of the exhaust gas. The dissolved carbon dioxide compound solution is desorbed at high temperature in the separation tower, before the extracted carbon dioxide is compressed, purified and cooled into liquid carbon dioxide and stored in a low temperature storage tank.

Alex Gregg-Smith, Senior Vice President & Chief Executive, North Asia & China, Bureau Veritas Marine & Offshore, commented: “The transition to a greener shipping industry is critical. Carbon capture, utilisation and storage (CCUS) technology captured a total of 40 million tonnes of CO2 in 2021 according to the International Energy Agency (IEA), notably in industrial projects on shore.

This makes CCUS one of the options available today that could significantly contribute to achieve carbon neutrality, as well as a promising avenue for reducing emissions from shipping. We are very honoured to collaborate on this study. BV’s expertise in supporting CCUS projects, combined with Wah Kwong’ and QIYAO’s technical and strategic capabilities, will help to spur the implementation of CCUS technology in the shipping industry.”

Carbon capture technology has been used in the land-based industry for many years and the solutions are mature. However, as a marine application, the challenges that must be addressed are safety, layout, energy consumption, and the need to balance cost effectiveness.

Sustainability is embedded in BV’s vision and strategy. As a leading classification society, Bureau Veritas helps clients comply with environmental regulations, implement green solutions onboard, measure decarbonization progress, and more. From conceptual design to construction, from process services to green recycling, BV experts provide services across the entire life cycle of a ship. BV remains committed to providing technical solutions and certifications to the shipping industry, contributing to the shaping a better maritime world.

Source: https://www.marineinsight.com/shipping-news/wah-kwong-qiyao-and-bureau-veritas-launched-feasibility-study-on-carbon-capture-and-storage-on-ships/

Navios Maritime Partners is buying the 36-vessel dry bulk fleet from parent Navios Maritime Holdings for $835m, including the assumption of $441.6m of bank liabilities, bareboat obligations and finance leasing obligations.

The 36-vessel dry bulk fleet consists of 26 owned vessels and 10 chartered-in vessels all with purchase options with a total capacity of 3.9m dwt and an average age of 9.6 years. The additions propel Navios Partners to become the second largest fleet of US publicly traded companies.

Navios Partners said the move was part of a migration path to a younger, more carbon efficient fleet supported by opportunistically selling older, less carbon efficient vessels.

Following the completion of the transaction, Navios Partners will own and operate a fleet of 90 drybulk vessels, 49 containerships and 49 tankers, including 22 newbuilding vessels to be delivered through the first quarter of 2025.

Angeliki Frangou is in charge of the Navios empire. She has spent this year bolstering Navios Partners, which has seen Navios Maritime Containers and Navios Maritime Acquisition Company folded into her flagship company.

Source: https://splash247.com/navios-partners-takes-36-bulkers-from-parent-for-835m/

THE Nigerian Maritime Administration and Safety Agency, NIMASA, and the Nigeria Liquefied Natural Gas, NLNG, have agreed to set up a working committee to pursue common interest in the maritime sector.

Speaking during a courtesy visit by the Management of the NLNG led by the Managing Director, Dr Philip Mshelbila, to NIMASA, the Director General of NIMASA, Dr Bashir Jamoh, noted that a better working relationship between the two organisations would greatly enhance activities in the maritime sector of the economy.

He assured the NLNG Management that NIMASA would extend the already existing working relationship the Agency has with the NLNG Ship Management Limited (NSML) to the parent body, while also urging NLNG to consider the Nigerian Flag as first option for her vessels.

According to him, “This is a new beginning; our focus should be what is best for Nigeria and not just for the NLNG or NIMASA”

While commending the NLNG for providing platforms for Sea Time to train Nigerian Seafarers, Jamoh noted that the Agency is committed to attaining best global practice, so that certificates issued by Nigeria will be recognized globally.

Also speaking Mshelbila stated that the NLNG is ready to partner NIMASA to enhance safety and security of lives and assets in the Nigerian maritime domain. He noted that they are on the same page with NIMASA in terms of capacity development and the quest to ensure Nigeria attains internationally acceptable standards in her operations in the maritime sector.

“We at NLNG have realized  that for us to fulfill one of our key vision elements,  which is helping to build a better Nigeria, it is important for us to work with all our stakeholders including NIMASA. We are aware that NIMASA and our subsidiary, NMSL are working hand in hand for the progress of this country and we desire that same spirit of partnership and collaboration should be extended to the NLNG”.

Source: https://www.vanguardngr.com/2022/07/nimasa-nlng-set-to-strengthen-collaboration-in-maritime-sector/