World News
Development Deal Signed for World's First Green Ammonia-Fuelled VLCCs
Lloyd's Register, Samsung Heavy Industries and MISC subsidiary AET have signed a deal to develop the world's first zero-emission ammonia-fuelled VLCCs.
The three firms have signed a memorandum of understanding to develop and build two VLCCs capable of running on green ammonia, Lloyd's Register said in a statement on its website on Monday.
The three companies are founding members of The Castor Initiative, a project seeking to develop zero-emission shipping.
The companies will also collaborate on identifying green shipping corridors to facilitate the bunkering of the vessels. The deal envisages the two vessels entering service in late 2025 and early 2026.
"The efforts of our collaboration have brought us to this historic moment where we will soon see the delivery of the world's first two zero-emission VLCCs, which will be owned and operated by AET," Datuk Yee Yang Chien, CEO of MISC, said in the statement.
"Getting these vessels on water is not the only focus, there is the long game of ensuring the reskilling of talent and the availability of bunkering facilities which are key to the sustainable operations of these two new vessels."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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