Asia/Pacific News
Peninsula Marks its First Biofuel Bunker Stem for Cosco
Peninsula today announced it has fixed its first biofuel bunker deal for Cosco Shipping Lines (Cosco).
The firm said 2,000 tonnes of UCOME-based B24 marine biofuel was lifted in Singapore by the 155,000 DWT M/V Cscl Venus, delivered via local physical supplier Vitol Bunkers.
UCOME is a combination of used cooking oil (UCO) and methyl ester (ME). The B24 UCOME biofuel is a blend of 76% VLSFO and 24% UCOME.
Peninsula says the fuel will "provide minimum GHG savings of over 1,200 tons of CO2 equivalent."
Cosco is currently ranked as the fourth largest box shipping company by capacity with 10.8% market share, according to sector specialists Alphaliner.
The use of biofuel bunkers has been growing steadily in recent years as the industry responds to growing regulatory and commercial pressures to reduce its emissions footprint.
Despite their higher price compared to regular bunkers, biofuels are a popular choice for vessel operators as they reduce net emissions without requiring any modifications to vessels.
