Sunday, May 28, 2023
HomeEnvironmentSumitomo, Keppel: MOU to Explore Ammonia Fuel Business in Singapore

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Sumitomo, Keppel: MOU to Explore Ammonia Fuel Business in Singapore

Sumitomo Corporation and Keppel FELS, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), have signed a Memorandum of Understanding (MOU) to explore the feasibility and implementation of various ammonia fuel applications in Singapore.

Ammonia, a compound of hydrogen and nitrogen, emits no carbon dioxide when combusted, and therefore has long been considered as a next-generation fuel for thermal power generation and large ocean-going vessels. Ammonia is also expected to play a role as an energy carrier for hydrogen since it is easier to liquefy and transport than hydrogen.

Through this MOU, Sumitomo Corporation and Keppel O&M will work on the implementation of ammonia bunkering in Singapore, with the aim to commence commercial operations in the mid-2020s. Sumitomo Corporation and Keppel O&M will accelerate the development of an ammonia bunkering vessel in coordination with the relevant authorities, expediting the implementation of ammonia bunkering in Singapore and contributing to the realization of zero carbon shipping. Sumitomo Corporation and Keppel O&M will also work to expand the ammonia value chain in Singapore.

As Singapore aspires to reduce energy consumption, improve energy efficiency and transition its power generation portfolio towards net-zero emissions, limited land space remains one of the critical challenges in the implementation of large-scale green energy. One of the solutions that Sumitomo Corporation and Keppel O&M will be exploring is the use of green energy such as ammonia for offshore power generation in Singapore.

Hajime Mori, Energy Innovation Initiative Director of Sumitomo Corporation, said, “We are delighted to cooperate not only on Ammonia bunkering but Ammonia business opportunities in Singapore with Keppel O&M. In line with our basic environment policy that aims to make the Sumitomo Corporation Group carbon neutral in 2050, we would like to pursue this business with Keppel O&M group to achieve our common goal.”

Tan Leong Peng, Managing Director (New Builds), Keppel O&M, said, “We are pleased to extend our collaboration with Sumitomo Corporation which will deepen Keppel O&M’s decarbonisation efforts. Keppel O&M is working with its partners and leveraging its engineering expertise, bunkering experience, and new build capabilities to develop the ammonia bunkering ecosystem for the marine industry. We are also applying our research in ammonia to advance adjacent solutions in green energy generation. This is in line with Keppel’s Vision 2030, which includes seizing opportunities in new energy.”

Keppel O&M is committed to providing a range of solutions to support the decarbonisation of the marine industry as well as providing cleaner offshore energy sources. With in-depth engineering expertise and an established track record in the gas value chain, Keppel O&M offers proven and customised solutions in LNG, which is an important part of the clean energy transition and increasingly adopted as a marine fuel. It is leveraging its experience in LNG to drive research and develop solutions to enable the adoption of hydrogen and ammonia as a marine fuel and energy source. Keppel O&M is also developing a comprehensive electric vessel supply chain in Singapore, which will feature marinized energy storage systems to power harbour craft.

The above development is not expected to have a material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.
Source: Keppel Corporation

Related Posts

Video

Finance & Economy
Shipping News
Ports

Seanergy ‘well positioned to benefit from positive trend in Capesize market’

Seanergy Maritime Holdings Corp., announced its financial results for the first quarter ended March 31, 2023, and declared a quarterly dividend of $0.025 per...

Dorian LPG sees Q1 revenue more than double year-on-year

Dorian LPG reported its financial results for the three months and fiscal year ended March 31, 2023. Highlights for the Fourth Quarter Ended March 31, 2023 Revenues of $133.6 million.Time...

Navios Holdings Posts $14.5 Mln Net Income in Q1

Navios Maritime Holdings Inc., reported its financial results for the first quarter ended March 31, 2023. Navios Holdings owns (i) a controlling equity stake...

BW LPG posts ‘strongest quarterly performance on record’

BW LPG has recorded its ‘strongest quarterly performance on record’ in the first three months of 2023. The company was boosted by strong exports...

ONE, Wan Hai agree to pay civil penalties to FMC

Ocean Network Express (ONE) will pay a US$1.7 million civil penalty to avoid a formal investigation by the US Federal Maritime Commission (FMC) for...

Nikolaus H. Schües elected BIMCO President

BIMCO has elected Nikolaus H. Schües , CEO and owner of Reederei F. Laeisz,...

Baltic Dry Bulk Index Ends Worst Day In Over Three Months

The Baltic Exchange’s main sea freight index declined the most since mid-February on Thursday...

Maritime UK appoints new Chief Executive Officer

Maritime UK, the umbrella organisation for the UK’s maritime sector, has appointed Chris Shirling-Rooke...

Baltic dry bulk index extends slide for 10th straight session

The Baltic Exchange’s main sea freight index of shipping rates for dry bulk commodities...

Baltic index hits over two-month trough on lower rates across vessels

The Baltic Exchange’s main sea freight index slumped to its lowest level in over...

DP World Completes Terminal Expansion Project Vancouver Port

DP World has completed the AED954 million ($259.78 million) Centerm expansion project, increasing container throughput at the Port of Vancouver by 60 percent. The terminal...

DP World completes AED 954 million Vancouver port expansion

DP World and the Vancouver Fraser Port Authority have celebrated two historic events – the completion of the Centerm Expansion Project at DP World...

Alexandroupolis port gets 24 million euros of EU funding

Greece has secured 24 million euros ($26 million) in European Union funding to upgrade its northern Aegean Sea port of Alexandroupolis, privatisation agency HRADF...

Port Hedland Iron Ore Exports Down 5% in April

Pilbara Ports Authority (PPA) has delivered a total monthly throughput of 57.7 million tonnes (Mt) for April 2023. This throughput was a two per cent...

APM Terminals Reveals $1 Billion Investment in Brazil

APM Terminals’ CEO Keith Svendsen has pledged an investment of about US$1 billion in the company's Brazilian operations up to 2026. The amount includes around...