Peninsula secures biofuel deal with COSCO Shipping
Global independent marine energy supplier Peninsula has fixed its first biofuel deal for Shanghai-based shipowner COSCO Shipping Lines.
Peninsula’s Shanghai and Singapore trading teams recently combined to deliver 2,000 tons of UCOME-based B24 marine biofuel to the 155,000 dwt Cosco container carrier, M/V Cscl Venus, through local Singapore physical supplier Vitol Bunkers.
Biofuel demand continues to increase as a result of tighter regulation around maritime carbon emissions.
The use of biofuel in this delivery will provide minimum GHG savings of over 1,200 tons of CO2 equivalent, according to the company. For context, this saving is the equivalent CO2 emissions of over 200 vans covering 40,000 km each.
“Peninsula’s strong brand presence across our Asian network is bringing significantly increased alternative fuels demand. Biofuel supply volumes are naturally increasing due to the regulatory environment…,” Nacho de Miguel, Head of Alternative Fuels and Sustainability at Peninsula said.
“We are very grateful to Cosco for choosing Peninsula to arrange this Biofuel supply. Our internal expertise across the entire alternative fuels supply chain, as both physical supplier and trader, means that we can add real value to our customers,” Michael Tang, Chief Representative Officer (China) for Peninsula added.
In April this year, Peninsula welcomed into the fleet Hercules Sky, a modern oil chemical tanker.
With a tank capacity of 9000cbm and a pump rate above 500cbm/hr, the 2021-built Hercules Sky is a modern barge that will strengthen Peninsula’s physical operations in the Gibraltar Strait. The Panama-flagged vessel will enable Peninsula to deliver ISCC Certified Sustainable Marine Fuel as B100 ((100% biofuel) or blends thereof.