Toyota Tsusho Corporation announced today that Toyota Tsusho Petroleum Private Limited (TTP) sold biodiesel fuel (biofuel) to Nippon Yusen(NYK Line) and performed a trial for Ship-to-Ship bunkering for the bulk carrier "Frontier Jacaranda"(Pictured) operated by NYK Line (Charterer: Anglo American) at the Port of Singapore on 11th of June, 2021.
This was the first attempt in the marine fuel industry to supply biofuel to Japanese companies' oceangoing vessels in Singapore.
The biofuel supplied to the NYK Line's "Frontier Jacaranda" was derived from waste cooking oil in Singapore, and this initiative contributes to the circular economy while creating a supply chain that is close to domestic production. The establishment of the procurement and regular use of biofuel, which are expected to reduce Greenhouse Gas (GHG) emissions at the Port of Singapore, the world's largest marine fuel market, will help to shift towards a carbon-free society.
The maritime transport industry, which accounts for about 2% of the world's GHG emissions, is facing the issue of reducing GHG emissions, as the volume of maritime transportation is expected to continue increasing against the backdrop of growth of the global economy.
In 2018, the International Maritime Organization (IMO) adopted a strategy for reducing GHG emissions from ships and set a target of reducing GHG emissions by 50% compared to the 2008 level by 2050.
Moreover, the Japanese government has announced that it will reduce GHG emissions by 46% compared to the 2013 level by 2030 and achieve carbon neutrality by 2050,and is promoting a shift to marine fuels from heavy oil and light oil, which are petroleum-derived, to alternative fuels under its Green Growth Strategy.
The movement toward decarbonization in the marine transport industry is accelerating through initiatives such as promoting conversion to alternative fuels.
In October 2020, the Toyota Tsusho Group began supplying liquefied natural gas(LNG) fuel to ships using Ship-to-Ship bunkering for the first time in Japan, and has been focusing on efforts to switch to alternative fuels for ships, such as the first trial of biofuel operation by a marine fuel supply ship(bunker barge) in Singapore, since April 2021.