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Hapag-Lloyd has received the largest ship-to-ship liquefied biomethane (LBM) bunkering transfer to date, comprising some 2.2 k metric tons, according to a statement released last week. The ship-to-ship bunkering operation in Rotterdam marks the first time that the carrier has used LBM as a shipping fuel, the statement said. The successful transfer shows that major bunkering operations involving LBM are “possible and scalable,” while more progress is required on infrastructure and regulatory frameworks, Hapag-Lloyd senior director fuel purchasing Jan Christensen said. The adoption of LBM as a shipping fuel is part of the carrier’s “step-by-step approach” to achieve net zero by 2045, Christensen added.
What is LBM? Also known as bio-LNG, the sustainable bunker fuel is commercially available across Europe, Asia, and North America, according to the statement. It can have net-zero emissions depending on the feedstock, and is produced from sustainable biomass feedstocks, including agricultural and agricultural waste, that do not contest with food production.
Imported vehicles are piling up at European ports, with an accumulation of Chinese EVs at terminals proving particularly problematic, The Financial Times reported last week, citing industry sources. Declining sales, and logistics snags due to a lack of truck drivers are seeing manufacturers and retailers stock their imports at ports, with the problem causing knock-on effects for car carriers that are seeing delays to offloading due to congestion. “Car distributors are increasingly using the port’s car parks as a depot. Instead of stocking the cars at the dealers, they are collected at the car terminal,” officials at the Port of Antwerp-Bruges, Europe’s largest receiver of car imports, said.
It doesn’t look good for China’s EVs: The EU Commission is also mulling retroactive tariffs for Chinese EV imports as a trade probe investigates allegations of state subsidies for China’s EV industry, with the move possibly going into effect as early as July.
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- Omers Private Equity eyes IPO of US tank truck transporter Kenan Advantage: Canada-based Omers Private Equity is considering a US listing of Kenan Advantage which may raise USD 400 mn, with the potential IPO valuing Kenan Advantage at USD 3.5 bn, according to sources in the know. (Bloomberg)
- Astrid Maersk arrives in Yangshan Port: China’s Yangshan Port conducting the first green methanol bunkering operation in China on Maersk methanol-enabled vessel Astrid Maersk. (Statement)
- DHL expands its facilities in Hong Kong: DHL Express inaugurates its HKD 1.5 bn automated, eco-friendly LEED Gold-certified facility, Express Hong Kong West Service Center (KWC), in Hong Kong. (Statement)
- Captured ship freed by Somali pirates: Bangladesh-flagged cargo vessel MV Abdullah and its 23 person crew have been released by Somali pirates after receiving a USD 5 mn ransom. The ship was seized last month enroute from Mozambique to the UAE hauling a cargo of coal. (Reuters)
- IMF paints a rosy picture for the global economy: Robust growth in the US and some emerging markets, strong consumer activity and investment, and relief to supply chains, have buoyed the global economy, IMF managing director Kristalina Georgieva said. Inflation has also declined faster than expected and there are indications that the world’s economy has avoided a period of recession and stagflation, Georgieva also said. (Statement)
