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Tuesday, March 19, 2024
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Fuel Costs News

04 Mar 2024

Risk Reigns in Ocean Shipping, Industry and Economic Experts Say

© dbvirago / Adobe Stock

Risk is the "new normal" for the global ocean shipping industry that handles 80% of global trade as pressure from geopolitical tensions, rising protectionism and climate change mounts."There are going to be global tensions ... and I think global dangers, at a level we haven't seen since the end of World War II," former U.S. Defense Secretary Robert Gates said at the opening of S&P Global's TPM24 container shipping conference in Long Beach, California, on Monday.Houthi missile and drone attacks on merchant ships in the Red Sea and Gulf of Aden are top of mind…

21 Feb 2024

EST-Floattech Receives €4 Million Investment

Source: EST-Floattech

Developer of maritime battery systems EST-Floattech has received an investment of 4 million euros from Energy Transition Fund Rotterdam and existing shareholders Rotterdam Port Fund, PDENH, Ponooc, and Yard Energy.Energy Transition Fund Rotterdam is investing 3 million euros, the fund's first investment in maritime battery systems. The existing shareholders are jointly investing 1 million euros.The announcement was made by Chantal Zeegers, the Alderman for Climate, Building, and Housing in Rotterdam.

20 Feb 2024

Fueltrax Wins Contracts with Southeast Asian Vessel Operators

(Photo: Fueltrax)

Fueltrax reports it has won a series of contracts from a group of deep sea and offshore support vessel operators working with a global oil company in Southeast Asia.Of 30 ships that implemented a fuel management system at the urging of their oil company customer to ensure accurate fuel usage transparency and emissions tracking, 28 of them chose the Fueltrax Electronic Fuel Management System (EFMS), the Texas-based company said.The patented Fueltrax EFMS measures direct fuel consumption and transfers on board, enabling vessel operators to reduce operational and fuel costs.

06 Feb 2024

DNV Confirms Energy Efficiency Gains for LNG Carries with DFE+ Propulsion

ABB dual-fuel electric propulsion system (Credit: ABB)

New Dual Fuel, Electric+ (DFE+) concept, developed by ABB and MAN Energy Solutions, has been recognized by DNV as a more energy efficient alternative to current conventional designs for liquefied natural gas (LNG) carriers.DNV has quantified the gains that owners of LNG carriers could expect to achieve using the new DFE+ solution and found that it could help LNG carriers boost energy efficiency by up to 7.5%, therefore enabling greater emissions reduction.The number takes into account the smaller machinery space requirements with ‘a conservative estimate’ of 5% greater cargo capacity…

29 Jan 2024

Designing Ships Around Emissions: The Right Path or a Fork in the Road?

© xtock / Adobe Stock

When discussing ship design, the maritime industry has been tossing around a number of new terms and definitions. Sustainability, alternative fuel “ready”, digitization and lifecycle are a few of the terms becoming more commonplace amid the industry’s search for zero emissions solutions. As IMO MEPC 80 meetings push emissions reduction to meet “well to wake” requirements, we will learn much of the challenge is tied to energy and infrastructure ashore. Electrification and the development…

17 Jan 2024

OPINON: Tackling the Houthi Drone Threat with AI

OrcaAI CTO Dor Raviv. Photo: OrcaAI

Houthi rebel drone attacks on vessels traversing the Red Sea and Suez Canal route, accounting for 10% of global trade, have exposed the shortcomings of current ship alert systems.The unpredictability and increased frequency of these attacks have created a challenging security environment for ships passing the area via the Bab el Mandeb strait, posing a substantial risk to seafarers and maritime trade by endangering the safety of the crew and cargo.Initially focused on Israel-related ships in solidarity with Hamas…

16 Jan 2024

Accelleron Helps KMTC Save Over $500M with Digital Optimization Tool

© Genya / Adobe Stock / Editorial Use

Korea Marine Transport Company Ship Management (KMTC SM) has reported annual fuel savings worth approximately $540,000 in total, after installing Accelleron’s digital engine optimization solution Tekomar XPERT on 12 Panamax vessels.Tekomar XPERT delivers engine optimization recommendations based on thermodynamic insights that aim to bring engines back to operating performance achieved at ‘new’ condition.The solution can be applied to any engine and turbocharger make. KMTC SM followed the advisory from Tekomar XPERT…

12 Jan 2024

Container Rates Soar on Concerns of Prolonged Red Sea Disruption

© aerial-drone / Adobe Stock

Container shipping rates for key global routes have soared this week, with U.S. and UK air strikes on Yemen stirring concerns of a prolonged disruption to global trade in Red Sea, one of the world's busiest routes, industry officials said on Friday.U.S. and British warplanes, ships and submarines launched dozens of strikes across Yemen overnight in retaliation against Iran-backed Houthi forces for attacks on Red Sea shipping, widening regional conflict stemming from Israel's war…

10 Jan 2024

HD Hyundai Goes for Accelleron’s Digital Turbocharger Tool for Vessels

HD HMS Smartship System (Credit: Accelleron)

Accelleron has signed an agreement with HD Hyundai Marine Solution (HD HMS) that simplifies access to its digital turbocharger optimization solutions for vessels built or serviced by the world’s biggest shipbuilder, HD Korea Shipbuilding & Offshore Engineering.As part of the agreement, Accelleron’s Turbo Insights performance analytics platform will be integrated into HD HMS’s Integrated Smartship System (ISS), with further digital solutions also deliverable through ISS on demand.The…

07 Jan 2024

War, Weather Put Ocean Shippers on Notice for Rough Seas in 2024

© Daniel / Adobe Stock

Recent hostilities in the Red Sea have thrown global shippers of vital goods for a loop - but it is hardly the only issue that big carriers are facing as 2024 kicks off.Giants like Maersk say the industry, which handles 90% of global trade, faces the possibility of significant disruptions, from ongoing wars to droughts affecting key routes like the Panama Canal. Complex vessel schedules are likely to be knocked out of sync for giant container ships, fuel tankers and other commodity haulers throughout the year.That will increase delays and raise costs for retailers like Walmart…

20 Dec 2023

NYK to Install Energy-Saving Technology on LNG-fueled Car Carriers

(Credit: NYK)

Japanese shipping company NYK has unveiled plans to install a Variable Compression Ratio (VCR) system on LNG-fueled car carriers in an effort to reduce greenhouse gas emissions and cut fuel costs.NYK said it will include a VCR system on LNG-fueled car carriers to be built by Shin Kurushima Dockyard, with the first vessel scheduled for delivery in 2026.The system is said to be able to adjust the air compression ratio in the engine combustion chamber to an optimal balance according…

05 Dec 2023

Governments Take Action to Keep Offshore Wind Projects on Track

© Chirapriya / Adobe Stock

Governments have decided to pay up to revive offshore wind farm developments after rising costs put at risk multiple projects that are needed to help them cut emissions and reach climate targets.Many countries are relying on a huge and rapid build-out of offshore wind farms which have high upfront costs but over the longer term can provide cheaper energy than fossil fuel plants.But some countries' wind power capacity targets started to look unrealistic this year after developers cancelled projects in the U.S.

20 Nov 2023

Emerson Invests in Frugal Technologies

© timbrandt / Adobe Stock

Automation technology and software company Emerson announced it has invested in Frugal Technologies, a Danish-based company that offers fuel optimization technologies that reduce energy use and emissions in shipping fleets.Frugal’s cloud-based propulsion optimization software uses AI technology to collect data related to dynamic conditions such as weather, cargo load and propulsion and develop optimal engine models for ships. Frugal estimates its propulsion solutions generate savings of up to 15% in fuel consumption…

15 Nov 2023

UECC's EU ETS Solution Brings Clarity to Emission Costs

Source: UECC

Cargo owners seeking to determine their Scope 3 emission liabilities from the logistics chain must contend with multiple calculation methods from different shipping lines that will affect their costs exposure to the EU ETS for shipping. To resolve this conundrum for its clients, pure car and truck carrier (PCTC) owner and operator UECC has adopted a standardised methodology based on an existing and trusted industry framework.The EU Emissions Trading System (EU ETS), set to be phased in for shipping from January 1…

14 Nov 2023

Silverstream and Franman Ink Agency Agreement

Left to right: Costis J. Frangoulis, Founder & CEO of Franman, and Noah Silberschmidt, Founder & CEO of Silverstream Technologies (Photo: Silverstream Technologies)

Maritime clean technology company Silverstream Technologies and equipment and technical services provider Franman have signed an agency agreement to support sales of the Silverstream System within Greece.Under the agreement, Franman will act as a representative for Silverstream in the Geek market and reach more potential end users of the technology to explore how it could be incorporated across their fleets.Noah Silberschmidt, founder and CEO of Silverstream Technologies, said…

01 Nov 2023

Maritime Safety Finds a Future in the Cloud

Image courtesy Orca AI

Orca AI, headquartered in Israel and founded in 2018, has a simple yet complex premise: develop and deliver an intelligent safety platform for the maritime industry to prevent collisions. To date it has attracted attention and business globally, working with SeaSpan, NYK, MSC, Shell Shipping and Marubeni amongst others. Maritime Reporter TV recently caught up Orca AI CEO and co-founder Yarden Gross for insights on the reality today, and the promising potential for AI in the maritime sector.Yarden…

27 Oct 2023

Royal Caribbean Raises Profit Target Again on Robust Cruise Vacation Demand

© aerial-drone / Adobe Stock

Royal Caribbean Group on Thursday lifted its full-year profit forecast for a third time and said bookings for the next year were "significantly outpacing" pre-pandemic levels by a wide margin, sending its shares up about 3%.Cruise operators are reaping the rewards as travelers gravitate to cruise vacations that are cheaper compared to taking a land-based holiday.This has given the companies the ability to hike itinerary prices, especially in North America and Europe, as occupancy…

23 Oct 2023

US Gulf Coast Oil Patch Gets Lucky, So Far, in Busy Hurricane Season

© Michael Rolands / Adobe Stock

A very active Atlantic hurricane season so far this year has not sent storms across U.S. oil and natural gas fields in the northern Gulf of Mexico, sparing energy companies billions of dollars of losses and consumers higher fuel costs.The 2023 Atlantic hurricane season has been another in a string with above average activity producing three major hurricanes with winds above 111 mph (179 kph) out of six hurricanes among 20 named tropical storms.So far this year, only one storm, Tropical Storm Harold, on Aug.

04 Oct 2023

Glas Ocean Electric Snags DARPA Contract

Image courtesy Glas Ocean Electric

The United States Defense Advanced Research Projects Agency (DARPA)  awarded Halifax, Nova Scotia, Canada-based Glas Ocean Electric a contract to develop and demonstrate a low-cost data acquisition system that can be easily installed on a range of vessels including fishing vessels, workboats, ferries and pleasure craft.Glas Ocean Electric’s PerforMarine is a platform that collects vessel and environmental data and then, using artificial intelligence, helps operators optimize vessel performance…

27 Sep 2023

Shipping Industry Has No Easy Path Toward Decarbonization

© Ryzhkov Oleksandr / Adobe Stock

The shipping industry lacks clarity on future clean fuels and regulatory systems which is holding back companies from replacing ageing vessels amid pressure to decarbonise faster, U.N. agency UNCTAD said on Wednesday.Shipping, which transports over 80% of world trade and accounts for nearly 3% of the world's carbon dioxide emissions, has faced calls from environmentalists and investors to deliver more concrete action, including a carbon levy."We call for global action to decarbonise shipping.

21 Sep 2023

Longline Fishing Company Successfully Trials Whale Depredation Solution

F/V Ocean Azul crew members release catch from a protection cage on the interior operations deck (Photo: Pesquera Azul)

Norway/Uruguay-based Pesquera Azul’s has successfully trialed an innovative catch protection cage in whale-rich waters in the southern Indian Ocean. The company says it is a potential game-changer for the longline fishing industry as it grapples with the challenge of whale depredation.The steady increase in the whale population in sub-Antarctic fishing grounds is hampering the longline fishing industry, especially for fatty fish species. Whales have learned to snatch, for example…

30 Aug 2023

ioCurrents Partners with Hornblower

Will Roberts, ioCurrents CEO, courtesy of ioCurrents.

ioCurrents, Inc. has partnered with Hornblower Group to help optimize vessel operations in Hornblower’s role as operator of NYC Ferry.ioCurrents has been employed as part of a series of robust measures implemented by vessel operator Hornblower Group to keep the NYC Ferry fleet running reliably and efficiently, minimizing vessel downtime across the fleet.Using AI and machine learning programs that analyze onboard data in real time, ioCurrents can predict equipment failures so corrective action can be identified and quickly implemented to prevent serious malfunctions or equipment damage.

21 Aug 2023

LPG: Dual-Fuel Engines Prove Their Worth

2022 was the first year all 15 VLGCs of BW LPG’s dual-fuel LPG retrofitted ships were sailing. Image courtesy of BW LPG

BW LPG has demonstrated the value of dual-fuel LPG operations beyond the company’s initial aim of meeting IMO 2020 Sulphur Cap regulations.In October 2020, the LPG carrier BW Gemini became the first very large gas carrier (VLGC) to have its low-speed main engine converted to an LPG dual-fuel engine. The project started several years earlier, sparked by Oslo-listed BW LPG’s preparations for the IMO’s 2020 Sulphur Cap regulations.Compared to heavy fuel oil, LPG reduces Sox emissions by approximately 97%…

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