• 2020 October 3 12:37

    102 million euros in funding on the horizon for Porthos carbon storage project

    The European Commission has proposed awarding 102 million euros in funding to the Porthos project. The Porthos project centres on the capture and storage of CO2 in the North Sea floor. If the European Parliament endorses this proposal, Europe will bear a substantial share of the investment in Porthos, which totals 450 to 500 million euros, the Port of Rotterdam Authority said in a media release.

    For a term of 15 years, Porthos will be storing some 2.5 Mt of CO2 per year – supplied by the Rotterdam locations of Air Liquide, Air Products, ExxonMobil and Shell – in the North Sea seabed. This is equivalent to 10% of the total emissions produced by Rotterdam’s industrial sector. As such, the Porthos project will significantly contribute to the Netherlands’s achievement of its climate targets.

    The European Commission wants to financially support the construction of Porthos because the capture and sequestration of CO2 (known as Carbon Capture and Storage, CCS) is widely seen as a necessary measure to keep global warming below 2 degrees Celsius. Indeed, almost every scenario that satisfies this requirement involves CCS. Carbon storage also plays a key role in the recent Green Deal drawn up by the European Commission. Porthos is the most advanced project focussing on the large-scale storage of CO2 within the EU. The public funding will come from the budget of the Connecting Europe Facility. Porthos is eligible for this grant because it involves a partnership between Rotterdam, Antwerp and North Sea Port (Vlissingen, Terneuzen and Ghent) in the field of CCS. The European grant means that the Dutch state can scale down its funding support.

    Part of the EU contribution will be used to construct a future-proof CO2 pipeline across the port area. The capacity of this pipeline will be such that other companies can also make use of the facility. This avoids the need for constructing a second pipeline in the future (with the associated costs and environmental impact). Besides investing in the construction of the pipeline itself, the EU will also contribute to the overall project budget.

    Porthos is a joint venture of EBN, Gasunie and the Port of Rotterdam Authority. Companies will be charged a fee for having their carbon emissions transported and stored by the Porthos network. The precise amount of this fee is determined by the costs incurred by Porthos for the system’s construction and exploitation (including the energy costs for the pressurised injection of CO2 in the deeper substrate). Thanks to the EU’s financial support, these services can now be offered at a lower rate. The four companies that intend to supply Porthos with CO2 will also incur costs for the capture of carbon at the source. On the other hand, they will not be required to pay EU ETS allowances for the stored carbon. The Dutch government is prepared to cover the difference between the companies’ total costs and savings via the SDE++ scheme.

    The companies will be able to apply for the SDE++ grant in late 2020. Over the course of 2021, it will become clear whether this funding will actually be awarded. Permit applications also need to be approved that year. Porthos and the four participating firms will make their final investment decision based on these results. According to planning, the Porthos system will be constructed over the course of 2022 and 2023 and taken into operation in 2024.

2021 September 18

15:07 Energy-saving investments clear the way for shore-based power
13:49 GROUPE IDEC is developing the first XXL energy - positive activity park in Europe
12:41 IMOCA extends relationship naming Iridium and Thales as official communications partners
11:37 Tanguy de Lamotte will spearhead electric boat revolution in the US
10:49 Industry alarmed as spat between governments threatens investment in Scottish ports – BPA

2021 September 17

17:49 New radar post to increase navigation safety in the seaport of Kaliningrad
17:26 Svanehøj acquires Wärtsilä Tank Control Systems
17:06 Navigator Gas awarded DNV AiP for new ammonia fuelled gas carrier design
16:47 Zelenodolsk Plant named after M. Gorky launches small-size missile ship Grad
16:31 PIL launches new South China to India West Coast Service - South China India Express
16:05 De Beers’ latest diamond recovery vessel departs Damen Shipyards Mangalia for Southern Africa
15:46 Port of Melbourne CEO announces retirement
15:25 Transneft Baltic holds large-scale firefighting and tactical drills at Ust-Luga Oil Depot
14:18 Grain traders to address RF Ministry of Agriculture and ask it revise grain export duty calculation system
13:27 Rostov Grain Terminal handled 80,000 tonnes of grain in August 2021
12:10 APM Terminals Poti marks two years without injury and celebrates its safety culture
11:56 Vitol’s V-Bunkers to bring electric-hybrid bunker tankers to Singapore harbour
11:05 ABS and DSME to develop very large liquefied CO2 carrier
10:55 DP World to invest £300m in new fourth berth at London Gateway logistics hub
10:34 Severnaya Verf shipyard launches third processing trawler of Project 170701, Kapitan Ostashkov (video)
09:58 The Port of Calais officially inaugurated
09:26 Crude oil market sees downward price correction
09:23 MABUX: No firm trend is registered on global bunker market on Sep 17
09:09 Baltic Dry Index as of September 16

2021 September 16

18:35 Boskalis completes EUR 100 million share buyback program
17:30 Construction of port Lavna kicked off in Murmansk Region
17:21 APM Terminals opens first “Fast Corridor” between Vado Ligure reefer terminal and inland customers in Italy
17:05 Wärtsilä cloud simulation now available on-demand via OTG’s Ocean Learning Platform
16:41 Evergreen’s Ever Ace with WinGD’s large bore X92 bore size engines crossed the Suez Canal
16:14 The new Port of Calais officially inaugurated after six years of construction
15:45 Southampton’s newest cruise terminal officially opened
15:35 Organizers of International Conference “Development of Icebreaking and Support Fleet“ offer the event programme
15:14 Dublin Port publishes Port Infrastructure Charges Pricing Strategy 2022 to 2026
14:53 Port of Oakland beef export volume up 25 percent in Jan - July 2021
14:37 UK ports welcome public support for clean maritime projects
14:26 IVECO and Nikola sign MoU with Hamburg Port Authority for zero-emission Class 8 battery-electric trucks
13:40 SMM Maritime Industry Report (MIR) shows industry on track for sustainability
13:16 MABUX: Bunker Weekly Outlook, Week 37, 2021
13:02 Port of Los Angeles cargo volume exceeds 954,000 TEU in August 2021
12:11 Sharrow Marine announces plans to roll out an exclusive OEM Sharrow Propeller™ Boatbuilder Program
11:47 TransContainer arranged transit transportation from Korea to Turkey via Far East and Novorossiysk ports
11:24 DOF Group announces new contracts in Brazil
11:02 Cargo-passenger ferry Pavel Leonov arrived at Korsakov, the ship’s homeport
10:38 Capacity of Vostochny Port’s multipurpose complex to be raised to 117,000 TEUs per year
10:21 Norwegian Ministry of Petroleum and Energy sees great interest in the Norwegian continental shelf
10:13 DFDS acquires ICT Logistics
09:49 Crude oil prices continue rising driven by data on reduction of reserves
09:30 Maersk acquires a Portuguese cloud-based logistics start-up HUUB
09:16 Baltic Dry Index as of September 15
09:15 MABUX: Global bunker prices may rise sharply on Sep 16
08:28 Castor Maritime announces new charter agreements

2021 September 15

18:43 Royal Phuket Marina’s inner-channel dredging project to deliver round-the-clock access for boats up to 35 metres
18:37 NJEDA and PSEG sign 78-year lease for the New Jersey Wind Port
18:17 PGS sets multiple acquisition records
17:55 Nefteflot lays down two ships of Project RDB 66.62
17:31 Subsea 7 awarded FEED contract in Norway
17:30 Gazpromneft Snabzheniye and Yamal-Nenets Autonomous Region to develop industrial and logistics park Obsky Prichal in Labytnangi
17:09 bp and NYK Line join forces to help decarbonise hard-to-abate sectors
16:57 SFL sells seven handysize bulk carriers
16:51 Yantar shipyard launches production of thermal and sound insulation