Peninsula fixes marine biofuel deal for COSCO
Independent marine-energy supplier Peninsula announced Oct. 2 that it has fixed its first biofuel deal for COSCO Shipping Lines, the Shanghai-based international shipping company.
Peninsula’s Shanghai and Singapore trading teams recently combined to deliver 2,000 metric tons of B24 marine biofuel, consisting of 24 percent used cooking oil-based biodiesel, to the 155,000-deadweight tonnage (DWT) COSCO container carrier M/V Cscl Venus through the local Singapore physical supplier Vitol Bunkers.
Biofuel demand continues to increase as a result of tighter regulations around maritime carbon emissions.
Peninsula said this delivery is another example of its ability to unite close customer relationships with optimum supply solutions.
“As a pragmatic marine-fuel supplier, Peninsula is constantly evolving its offering to ensure that customer demand is met,” Peninsula stated. “The company’s holistic approach towards alternative and future fuels means it can provide new solutions as they become commercially viable.”
The use of biofuel in this delivery will provide minimum greenhouse-gas (GHG) savings of over 1,200 metric tons of CO2 equivalent.
For context, this saving is the equivalent CO2 emissions of over 200 vans covering 40,000 kilometers each.
“Peninsula’s strong brand presence across our Asian network is bringing significantly increased alternative-fuels demand,” said Nacho de Miguel, Peninsula’s head of alternative fuels and sustainability.
“Biofuel-supply volumes are naturally increasing due to the regulatory environment, but it is equally clear that customers like COSCO, one of the biggest names in global shipping, feels able to trust Peninsula in delivering reliable lower-carbon solutions,” de Miguel added.
Michael Tang, Peninsula’s chief representative officer for China, 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. We look forward to continuing our decarbonization journey together.”