Latest market news

Japan’s Mol starts operating LPG-fuelled VLGC

  • Market: Fertilizers, LPG
  • 26/04/24

Japanese shipping firm Mitsui OSK Line's (Mol) Singapore-based subsidiary Aramo Shipping started operating today a new LPG-fuelled LPG and ammonia carrier for domestic importer Gyxis.

The 87,119m³ very large gas carrier (VLGC) Aquamarine Progress 2 was built by Japanese shipbuilder Namura Shipbuilding at Namura's Imari shipyard in south Japan's Saga prefecture.

The vessel is equipped with a dual-fuel engine, which can burn LPG and conventional marine fuel. Mol expects use of LPG to reduce carbon dioxide (CO2) and nitrogen oxide emissions by 20pc and sulphur oxide and particulate matter emissions by 90pc compared with a heavy oil-dedicated vessel. The VLGC is also designed to be able to carry ammonia, eyeing potential demand growth for decarbonisation.

Japanese shipping firms and shipbuilders have boosted construction of LPG carriers that can also ship ammonia, as demand for the cleaner fuel is expected to increase in future. Japan plans to co-fire ammonia at coal-fired power plants to reduce CO2 emissions, while aiming to use ammonia as a hydrogen carrier.

Shipbuilders Kawasaki Heavy Industries and Mitsubishi Heavy Industries each delivered a VLGC, which can carry LPG and liquefied ammonia. Mol, in partnership with shipbuilders Tsuneishi Shipbuilding and Mitsui E&S Shipbuilding, completed risk assessments to design a mid-size ammonia-fuelled ammonia and LPG carrier, targeting to finish construction by 2026.


Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News

BayWa suspends 2024 profit forecast over restructuring


25/07/24
News
25/07/24

BayWa suspends 2024 profit forecast over restructuring

London, 25 July (Argus) — German agricultural group BayWa on Wednesday suspended its full-year profit forecast due on 8 August, citing ongoing restructuring. It posted a preliminary revenue of €10.7bn ($11.6bn) for the first half of the year, down by 15pc from €12.6bn a year ago. BayWa's first-half 2024 preliminary earnings before interest, tax, depreciation and amortisation stood at €149.5mn, less than half of the €322.1mn earned in the same period last year. BayWa said it continues to be in constructive talks with its financing partners, adding that it also has postponed publication of the final half-yearly results to 27 September, citing impairment reviews. The company commissioned a restructuring report on 12 July in response to a "strained financing situation". The Munich-headquartered BayWa Group operates in the fields of energy, agriculture — including fertilizers — and building materials. By Suzie Skipper Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

Singapore shortlists consortia for NH3 power, bunkering


25/07/24
News
25/07/24

Singapore shortlists consortia for NH3 power, bunkering

Singapore, 25 July (Argus) — The Maritime and Port Authority of Singapore (MPA) and the Energy Market Authority (EMA) selected two consortia, with one of them likely to lead the project to develop ammonia as a low or zero-carbon solution for power generation and bunkering in the island nation. MPA and EMA selected the two consortia from a total of [six firms that were shortlisted in 2023]https://direct.argusmedia.com/newsandanalysis/article/2501511), after a request for proposal (RFP) was launched. The final selection from the chosen two will be made in the first quarter of 2025. This project, which is part of Singapore's national hydrogen strategy , is looking at developing end-to-end ammonia solution that can generate 55-65MW of electricity via direct combustion in combined cycle gas turbines. Low- to zero-carbon ammonia would be imported and used for this purpose. The project is aiming for 100,000 t/yr of ammonia bunkering, starting with shore-to-ship bunkering followed by ship-to-ship bunkering. The two consortium leads are Singaporean conglomerate Keppel's arm Keppel Infrastructure, as well as Singaporean-based Sembcorp-SLNG. The consortia also include the following bunkering participants - Japan's shipping firm NYK Line, as well as Japanese trading firms Sumitomo and Itochu. By Mahua Chakravarty Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

Australia's S04 makes first batch of SOP at Lake Way


24/07/24
News
24/07/24

Australia's S04 makes first batch of SOP at Lake Way

London, 24 July (Argus) — Australia's S04 — a subsidiary of Sev.en Global Investments, an energy investment firm based in the Czech Republic — has produced its first SOP product at its Lake Way project near Wiluna in Western Australia. The 200,000 t/yr SOP project remains in the commissioning phase, and there is no date yet for full commercial operations. But Sev.en said the project is "tracking well" towards full operations. Commissioning work included the installation of a new floatation unit in the process plant. The project will use solar evaporation ponds to extract potassium-rich salts from the lake mines. The Lake Way SOP project has been in development for over seven years. It was originally commissioned in April 2021 and began commercial production in June that year under its previous owners Australia-based Salt Lake Potash. Sev.en acquired the project when it bought out Salt Lake Potash in 2022 and then made significant investments in all aspects of the production process. By Nykole King Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

US House passes waterways bill


23/07/24
News
23/07/24

US House passes waterways bill

Houston, 23 July (Argus) — The US House of Representatives overwhelmingly approved a bill on Monday authorizing the US Army Corps of Engineers (Corps) to tackle a dozen port, inland waterway and other water infrastructure projects. The Republican-led House voted 359-13 to pass the Waterways Resources Development Act (WRDA), which authorizes the Corps to proceed with plans to upgrade the Seagirt Loop Channel near Baltimore Harbor in Maryland. The bill also will enable the Corps to move forward with 160 feasibility studies, including a $314mn resiliency study of the Gulf Intracoastal Waterway, which connects ports along the Gulf of Mexico from St Marks, Florida, to Brownsville, Texas. Water project authorization bills typically are passed every two years and generally garner strong bipartisan support because they affect numerous congressional districts. The Senate Environment and Public Works Committee unanimously passed its own version of the bill on 22 May. That bill does not include an adjustment to the cost-sharing structure for lock and dam construction and other rehabilitation projects. The Senate's version is expected to reach the floor before 2 August, before lawmakers break for their August recess. The Senate is not scheduled to reconvene until 9 September. If the Senate does not pass an identical version of the bill, lawmakers will have to meet in a conference committee to work out the differences. WRDA is "our legislative commitment to investing in and protecting our communities from flooding and droughts, restoring our environment and ecosystems and keeping our nation's competitiveness by supporting out ports and harbors", representative Grace Napolitano (D-California) said. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more