World News
US Tipped to be "One of the Most Competitive Regions in the World" for Green Fuel Production
The US is one of the most competitive regions in the world for green fuel production thanks to various Federal incentives including the recent Inflation Reduction Act (INR), according to Aparajit Pandey, Principal and Shipping Decarbonization Lead at RMI (formerly Rocky Mountain Institute).
The INR provides various financial incentives including direct funding, tax credits, grants, and loans towards decarbonization efforts.
"Smaller ports with excellent renewable resources, including ports in the Global South, can build cost-competitive hydrogen production facilities and participate in the global bunker market," Pandey added.
The comments came alongside the release of a new 'Oceans of Opportunity' report released yesterday by the Global Maritime Forum and RMI.
The study finds that Green methanol production could be concentrated in major bunkering hubs and at European ports.
In contrast, the study finds there could be global green ammonia trade, with long-distance transport of the fuel to key bunkering hubs from projects in low-cost production regions including the United States, South America, Australia, and Sub-Saharan Africa.
"While there should be more than enough green ammonia to supply first-mover ports by 2030, competition for the lowest cost volumes may be fierce and reward those able to move early in securing supply," warned Jesse Fahnestock, Director of Decarbonization at the Global Maritime Forum.
As would be expected, the report stresses the need for all stakeholders including shipowners and operates, bunker produces and suppliers, port authorities, and policy makers and regulators, to act early to develop the supply of green methanol and ammonia.
Among the various recomendation, the study suggests that Shipowners and Operators should accelerate accelerate their placement of zero-emission vessel orders to send clear fuel demand signals and help build confidence in zero-emission bunkering infrastructure investments.
Port authorities, meanwhile, are urged to develop a strategy for zero-emission bunkering 'as soon as feasible.'
The full report can be downloaded for free here: https://cms.globalmaritimeforum.org/wp-content/uploads/2024/04/Oceans-of-opportunity_supplying-green-methanol-and-ammonia-at-ports.pdf
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
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