UK fund makes first investment in CO2 project to drive industrial renewal

The National Wealth Fund (NWF), the UK’s sovereign wealth fund, intends to make a multi-million equity investment in the development that will store CO2 emissions in the East Irish Sea. The post UK fund makes first investment in CO2 project to drive industrial renewal appeared first on Offshore Energy.

Oil bunker costs to double by 2035 on IMO rules, says Wartsila

Oil-based bunker costs will double over the next decade due to the International Maritime Organization’s upcoming regulation on greenhouse gas emissions, Finland-based Wartsila’s CEO Hakan Agnevall told Platts while laying out a low-carbon fuel transition pathway for shipping. Tasked with regulating cross-border maritime transportation, the UN agency in April voted for two sets of GHG …

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Petrofin Research: Ship Financing Prospects for 2025 and beyond

The year 2025 ushered in dramatic shifts, driven by US policy changes under President Trump. Emphasizing an “America first” agenda, the US imposed protectionist tariffs and quotas targeting China, the European Union, Canada, and others. This upheaval nearly halted China-US trade, with negotiations ongoing and final tariff levels remaining uncertain. The threat of punitive tariffs …

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VLCC Tanker Market Bottomed Out

Clean LR2 LR2 freight in the MEG continued its downward trajectory this week. The TC1 75kt MEG/Japan index dropped 23.61 points to WS120 and a TC20 90kt MEG/UK-Continent voyage also went from $4.03 million to $3.59 million. West of Suez, Mediterranean/East LR2’s plateaued this week, reflected in the TC15 index hovering around the high $2.8 …

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