EMEA News
Peninsula and Evos to Develop Biofuel Storage Facility in Algeciras
Hybrid marine fuel supplier Peninsula is looking to expand its marine biofuel supply capacity at the Port of Algeciras through a new storage deal with storage operator Evos.
The companies have signed an MoU covering up to 60,000 m3 of dedicated biofuel storage at Evos' terminal in the Spanish port, the companies said in an emailed statement on Wednesday.
The capacity would be reserved for Peninsula, allowing it to store and blend biofuels locally to meet shipping’s demand.
“We are seeing an acceleration of biofuel adoption as a result of price volatility of conventional fuels and regulatory measures such as FuelEU and EU ETS,” John A. Bassadone, CEO of Peninsula, said.
“By partnering with Evos to build storage infrastructure, it allows us to control the quality of product and to blend biofuel ratios according to market demand.
“It will also offer our customers full flexibility and optionality when lifting bio products from us and further demonstrates Peninsula’s active commitment to the decarbonisation of marine fuels.”
Evos will be responsible for the engineering, permitting and construction of the proposed expansion.
The two companies will now work towards a long-term storage and handling agreement.
The project is subject to a final investment decision by Evos.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 963.00 | 26.00 | 1351.50 | 10.50 |
| Rotterdam | 766.00 | 3.00 | 1446.00 | 11.50 |
| Houston | 817.00 | 11.50 | 1421.00 | 1.00 |
| Fujairah | 981.00 | 12.00 | 1768.50 | 17.50 |
| EMEA Average | 917.50 | 14.00 | 1740.00 | 21.00 |
| Global 20 Ports Average | 929.50 | 10.50 | 1565.00 | 13.00 |
| Global 4 Ports Average | 882.00 | 13.50 | 1496.50 | 9.50 |
| Global Average Bunker Price | 978.50 | 20.00 | 1616.50 | 18.50 |
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