TFG Marine Pte Ltd (“TFG Marine”), the global marine fuel supply and procurement joint venture between Trafigura Group Pte (“Trafigura”) and shipping firms Frontline and Golden Ocean, has supplied its first carbon offset bio-blend bunker fuel (B30) to global dry bulk shipping company Western Bulk Chartering AS (“Western Bulk”).
TFG Marine supplied 750 mt of B30 VLSFO bunker fuel to the Beks Ceyda bulk carrier in the Port of Rotterdam, with the full lifecycle emissions from the production, supply and consumption of the B30 fuel compensated with carbon credits.
“TFG Marine now regularly delivers biofuels to customers in the ARA region and is supporting customers such as Western Bulk to minimise and offset the carbon emissions generated from their shipping voyages through Trafigura’s portfolio of carbon reduction projects that are verified by leading registries,” said Kenneth Dam, TFG Marine’s Global Head of Bunkering. “We assist customers with the measurement and reporting of the emissions associated with each voyage and offer a range of carbon reduction initiatives to help them achieve their emissions reduction goals.”
By blending biofuel into traditional VLSFO, 750mt of B30 grade marine fuel was supplied to the Beks Ceyda bulk carrier, reducing greenhouse gas emissions by approximately 25 percent when compared to traditional VLSFO alone. The remaining carbon emissions associated with the 750 mts of the delivered B30, around 2,200 mt of CO2e, were then offset with high quality nature-based Verified Carbon Standard credits with triple gold CCB (Climate, Community, Biodiversity Standards) certification.
“Being able to combine biofuel with carbon offsets to reduce our carbon footprint is an important new tool for our business. These are the first steps towards meeting our long term targets and to provide reduced emissions for our customers,” said Jonas Larsen, Head of Bunkers and Derivatives for Western Bulk.
“Our industry needs to adapt to the required reduction in greenhouse gas emissions. This delivery shows that we are moving in the right direction as we were able to sail the Mv Beks Ceyda for almost two months and complete two voyages with a combined greenhouse gas impact close to zero. TFG Marine is an important counterparty for Western Bulk in our journey as we adapt to the needs of tomorrow,” concluded Mr Larsen.
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Notes to Editors
About TFG Marine
Formed in 2020, TFG Marine is a marine fuels supply and procurement joint venture, between physical commodity trading company Trafigura Group Pte and ship owning companies Frontline Ltd and Golden Ocean Group Ltd. The joint venture brings together three companies that are market-leaders in their respective fields, each with solid credentials and complementary strengths in global commodity trading and shipping.
The combined marine fuel demand from Trafigura, Frontline and Golden Ocean, covering a fleet of some 700 owned and chartered vessels, provides economies of scale, and lays the foundation for TFG Marine to become one of the world’s largest fuel procurement and supply alliances, generating substantial demand in key bunkering hub ports globally.
About Western Bulk
Western Bulk is a global major operator in the Supramax/Ultramax and Handysize dry bulk shipping market with offices in Oslo, Singapore, Seattle, Santiago, Dubai and Casablanca. Western Bulk matches cargo with vessels under all market conditions; chartering vessels from various vessel owners and transporting cargo for customers worldwide. The company has an asset-light business model, combining advanced risk management, market data and analytics to optimize fleet deployment and vessel-cargo matching. The company has been listed on Euronext Growth Oslo since September 2021.