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Singapore – marine biofuel demand may double by 2025 -TotalEnergies exec.
Marine biofuel demand on the world’s largest bunker hub Singapore may probably double by 2025 to virtually 1 million metric tons from 2023 ranges as shippers search to chop emissions, a senior TotalEnergies (TTEF.PA), opens new tab government mentioned.
Extra delivery corporations have been conducting refuelling trials utilizing marine biofuel as a substitute for typical gas oil to scale back carbon emissions.
Louise Tricoire, vice chairman at TotalEnergies Marine Fuels advised Reuters mentioned:
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Looking forward to 2025, we foresee a possible surge in biofuel (bunker) demand in Singapore, probably nearing 1 million (metric) tons every year.
Bio-blended marine gas gross sales at Singapore greater than tripled to over 500,000 tons final 12 months, knowledge from Singapore’s port authority confirmed.
Complete gross sales in 2023 surpassed preliminary estimates as rules on carbon depth indicator (CII) boosted development, mentioned Tricoire.
A CII is a measure of how effectively a ship transports items or passengers in grams of carbon dioxide emitted per cargo-carrying capability and nautical mile.
The Worldwide Maritime Group final 12 months authorized interim tips on how licensed sustainable biofuels may very well be used to enhance a ship’s CII ranking.
Nonetheless, the demand outlook continues to be contingent upon biofuels pricing and growth of extra infrastructure comparable to barging and tanking amenities, mentioned Tricoire.
Bunker costs of B24 bio-marine gas mix stay at the least $200 above 0.5% low sulphur gas oil, a value hole that also deters mass adoption, business sources mentioned.
TotalEnergies Marine Fuels is amongst Singapore’s key marine biofuel suppliers in 2023, although it declined to touch upon particular volumes. Its biofuel choices are second-generation product and ISCC-certified.
Demand for lower-carbon marine gas is poised to extend from this 12 months globally because the European Union Emissions Buying and selling System kickstarts for the delivery business.
This implies ships should pay for his or her generated emissions so burning lower-carbon marine gas helps decrease prices.
Internet carbon emissions might be diminished by almost 20% utilizing a biofuel mix in comparison with utilizing conventional gas oil, a trial by the International Centre of Maritime Decarbonisation discovered.
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Singapore’s marine biofuel demand may double by 2025 -TotalEnergies exec, January 17, 2024