World News
TotalEnergies Joins Ammonia-Fuelled Tanker Coalition
France's TotalEnergies has joined the Castor Initiative group seeking to develop ammonia-fuelled tankers.
The French energy producer will be the coalition's eighth partner, Lloyd's Register, one of the organisation's founders, said in a statement on its website on Friday.
The organisation was founded in January 2020 with a plan to develop zero-emission shipping.
In April three of the coalition's members signed a memorandum of understanding seeking to build two ammonia-powered VLCCs.
"With TotalEnergies as the Castor Initiative's latest partner, the multinational coalition has added to its diverse circle of maritime expertise to ensure and support the complete ecosystem required for ammonia-fuelled tankers to operate sustainably and safely," Lloyd's Register said in the statement.
"As a leading energy major on a global scale, and its commitment to sustainability, TotalEnergies brings its extensive operational experience to this global alliance to support the maritime industry's drive to decarbonisation.
"The experience and expertise of each Castor Initiative partner will be central to the success of the initiative, from conception to project realization."
Ammonia is widely expected to take up a significant share of future marine energy demand, once further research and development work is carried out into how it can safely be handled as a bunker fuel. Supply of the alternative fuel has yet to be developed at key bunkering hubs; the Port of Rotterdam plans to carry out its first trial ammonia bunkering operation in 2024.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 6.00 | 762.00 | 5.50 |
| Rotterdam | 599.00 | 1.00 | 751.00 | 0.50 |
| Houston | 618.00 | 11.50 | 802.50 | 6.50 |
| Fujairah | 642.00 | 5.50 | 883.50 | 5.50 |
| Global 20 Ports Average | 661.50 | 3.50 | 859.00 | 5.00 |
| Global 4 Ports Average | 629.50 | 1.00 | 799.50 | 1.50 |
| Global Average Bunker Price | 719.00 | 3.50 | 915.00 | 7.50 |
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