Latest news with #FuelEU
Business Wire
3 days ago
- Automotive
- Business Wire
Hyundai Glovis Partners with Lab021 to Deploy ‘Vessellink'
TOKYO--(BUSINESS WIRE)--Hyundai Glovis, a global leader in smart logistics, has entered a strategic partnership with maritime IT solutions provider Lab021 to implement Vessellink, an advanced digital reporting system designed for ship operations. The collaboration aims to integrate Vessellink for Ship, Lab021's flagship platform, into Hyundai Glovis's maritime operations. This system automates data collection, analysis, and reporting of critical vessel metrics such as real-time voyage monitoring, carbon emissions, and operational efficiency. By digitizing these processes, Hyundai Glovis seeks to enhance operational intelligence and agility while reducing reliance on manual reporting. This initiative is timely as the maritime industry faces increasing regulatory demands on decarbonization. The International Maritime Organization (IMO) is advancing measures targeting greenhouse gas reduction, including stricter carbon intensity standards and the introduction of a global carbon pricing mechanism expected around 2027. In parallel, the European Union's FuelEU Maritime regulation, effective in 2025, requires vessels calling at EU ports to progressively increase the use of low-carbon fuels. Additionally, the EU Emissions Trading System (EU ETS) extended its scope to include shipping in 2024 and plans full emissions coverage by 2026. By adopting Vessellink, Hyundai Glovis positions itself ahead of these regulatory requirements, strengthening its Environmental, Social, and Governance (ESG) commitments. The platform's detailed emissions tracking and real-time reporting improve transparency and build trust with global customers and regulators. A Hyundai Glovis spokesperson commented, 'We are upgrading our data management to align with the maritime sector's goals for decarbonization and digital innovation. Vessellink enables compliance and streamlines our operations. We look forward to expanding our partnership with Lab021 to develop smarter, greener shipping solutions.' Lab021 CEO Sangbong Lee added, 'Vessellink represents the future of maritime digitalization, merging precise vessel data with intelligent automation. Our partnership with Hyundai Glovis marks a key step in expanding global adoption of data-driven carbon management tools in shipping.' This collaboration highlights Hyundai Glovis's commitment to future-proofing its maritime activities and reflects the broader industry trend where digital transformation is essential for sustainable shipping.
Time Business News
09-07-2025
- Business
- Time Business News
Innovations Driving the Future of Very Low Sulfur Fuel Oil (VLSFO)
Very low sulfur fuel oil (VLSFO) is a sea fuel with sulfur content of 0.5% or less, which has been developed to follow the rules of the International Marine Organization (IMO) 2020 with the aim of reducing sulfur emissions from ships to protect air quality and environment. Very low sulfur fuel oil (VLSFO) is rapidly growing due to strict environmental rules, especially installation of emissions control areas (ECA) with tight sulfur boundaries. Marine industry's commitment to rising environmental awareness and stability is also promoting the demand for cleaner fuel options. These factors collectively run the strong expansion of the VLSFO market. Key Growth Drivers and Opportunities Supply Chain Digitalization: The supply chain digitization is emerging as a major trend in the VLSFO industry, increasing efficiency, transparency and accountability in fuel production and distribution. Techniques such as blockchain, IOT, and AI help to monitor fuel quality, adapt to inventory and predict demand, enable fast decision making and better compliance with environmental rules. This reduces digital change risk, reduces costs, and VLSFO strengthens confidence among stakeholders, supporting the sustainable development of the industry. Challenges Very low sulfur fuel oil (VLSFO) industry faces several borders, including limited global purification capacity to meet high production costs and increasing demand. Conversion can lead to operating challenges in issues of fuel quality and compatibility with the engine of the ship. Additionally, value instability, disruption in supply chain, and lack of standardized global rules obstruct market stability. These factors can affect the adoption rate for both suppliers and final-users in the marine industry and affect risks. Innovation and Expansion FuelEU-Compliant Co-Processed VLSFO Introduced by Vitol for Greener Shipping In May 2025, Customers will be able to purchase co-processed bunkering fuel from Vitol Bunkers that complies with FuelEU regulations. The fuel is being manufactured at Vitol's refinery in Fujairah, which produces 100,000 barrels per day of finished bunker fuel. Vitol Bunkers will eventually market the gasoline in other areas. There is no need for further licenses or specific provisions in charter party agreements since the co-processed fuel, which complies with RMG380 very low sulfur fuel oil (VLSFO) grade, has the same chemical composition and quality as conventional fuel. HPCL Opens Visakhapatnam Port's VLSFO for the Shipping Sector In January 2020, In Visakhapatnam, Hindustan Petroleum Corporation Limited (HPCL) introduced Very Low Sulphur Fuel Oil (VLSFO), which complies with IMO-2020. The product satisfies the standards of ISO 8217:2017 and the Residual Marine Grade (RMG) 0.50 Specification. Additionally, this gasoline satisfies every quality requirement listed in the newly published ISO 23263:2019 standard by the International Organization of Standardization. HPCL has made steps at both refineries to produce BS-VI compliant transport fuels ahead of schedule in order to uphold its commitment to environmental preservation. Additionally, both refineries have embarked on ambitious expansion projects to boost their capacities from 7.5 to 9.5 MMTPA at the Mumbai Refinery and 8.33 to 15 MMTPA at the Visakh Refinery. Inventive Sparks, Expanding Markets Very low sulfur fuel oil (VLSFO) is one of the major players working in the market, Exon Mobil Corporation, BP PLC, Vitol Bunkers, Shell International BV, and others. To maintain compliance with the quality of continuous fuel and changing environmental needs, very low sulfur fuel oil (VLSFO) firms must invest in modern purification processes. Businesses are also focused on increasing their global bunkering infrastructure to increase supply chain efficiency, especially in ports with heavy traffic. About Author: Prophecy is a specialized market research, analytics, marketing and business strategy, and solutions company that offer strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high value opportunities in the target business area. Also, we help our client to address business challenges and provide best possible solutions to overcome them and transform their business. TIME BUSINESS NEWS
Yahoo
06-03-2025
- Business
- Yahoo
Veson Nautical, Cargill expand tech partnership on maritime digitalisation
Veson Nautical, a maritime data and freight management solutions provider, has expanded its partnership with Cargill through a strategic technology agreement to accelerate digital transformation in the maritime sector. This agreement grants Cargill's Ocean Transportation business access to Veson's portfolio, comprising advanced data intelligence capabilities and Shipfix, the AI-enabled collaborative workflow solution. Building on the success of using the Veson IMOS Platform, Cargill's goal is to streamline its technology ecosystem while enhancing efficiency, sustainability, and innovation in its global shipping operations. Cargill Ocean Transportation business strategy and digitalisation lead Eric Aboussouan said: 'With a shared desire for digital transformation, open collaboration between our teams, and complementary strengths, skills, and focus points, Veson is the perfect partner to expand our relationship with. 'They have set the standard for digital transformation in the shipping industry, with their IMOS Platform being the leading solution in the market.' The partnership is not only focused on internal improvements but also on providing Cargill's customers with a better experience through a solution that integrates proprietary data, supplier information, and customer insights. This collaboration is set to enable faster, data-driven decisions for Cargill and the wider shipping industry, ensuring compliance with new regulations from bodies such as the International Maritime Organization and the FuelEU initiative, according to Veson. Veson president and chief operating officer Sean Riley said: 'As Veson has invested in building a comprehensive set of solutions over recent years, we are thrilled for Cargill to benefit, extending our longstanding partnership. 'The further work we are doing with Cargill highlights one of many ways we are partnering with our clients to propel the maritime industry forward.' With expertise in maritime-related contracts, Veson supports more than 38,000 users across 2,400 companies in more than 100 countries. In 2023, Veson Nautical announced plans to acquire vessel valuation provider VesselsValue, a market-standard platform for automated daily valuations. "Veson Nautical, Cargill expand tech partnership on maritime digitalisation" was originally created and published by Ship Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Bahrain News Gazette
05-03-2025
- Business
- Bahrain News Gazette
Veson Nautical and Cargill expand long-standing partnership with Strategic Technology Agreement
Cargill expands utilization of Veson's software and data suite to drive innovation and enhance their customers' experience From left to right: Sean Riley, President and Chief Operating Officer, Veson Nautical John Veson, CEO, Veson Nautical Eric Aboussouan, Strategy and Digitalization Lead, Cargill Ocean Transportation Patrick Jourdain, Customer Lead, Car BOSTON, Mass., March 05, 2025 (GLOBE NEWSWIRE) — Veson Nautical (Veson), a global leader in maritime data and freight management solutions, and Cargill have expanded their longstanding partnership to accelerate digital transformation in the maritime sector. The Strategic Technology Agreement provides Cargill's Ocean Transportation business with a broad range of access to the Veson portfolio, including Veson's data intelligence capabilities and AI-enabled collaborative workflow solution Shipfix. Building upon their success in utilizing the Veson IMOS Platform, Cargill aims to simplify their technology ecosystem while driving efficiency, sustainability, and innovation across its global shipping operations. 'As Veson has invested in building a comprehensive set of solutions over recent years, we are thrilled for Cargill to benefit, extending our longstanding partnership,' said Sean Riley, Veson's President and Chief Operating Officer. 'The further work we are doing with Cargill highlights one of many ways we are partnering with our clients to propel the maritime industry forward.' In addition to improving internal efficiencies, a key factor behind the collaboration is Cargill's desire to provide their customers with an enhanced experience. As part of the strategic partnership, Veson is collaborating with Cargill to offer a customer-focused solution that integrates proprietary data, supplier information, and customer insights, enhancing Cargill and the shipping industry's ability to make faster, data-driven decisions while enabling compliance with new industry regulations, including the International Maritime Organization and FuelEU initiatives. 'With a shared desire for digital transformation, open collaboration between our teams, and complementary strengths, skills, and focus points, Veson is the perfect partner to expand our relationship with,' said Eric Aboussouan, Strategy and Digitalization Lead for Cargill's Ocean Transportation business. 'They have set the standard for digital transformation in the shipping industry, with their IMOS Platform being the leading solution in the market. This partnership allows us to integrate our systems more seamlessly, providing customers a unified platform that enhances visibility, efficiency, and control over their freight procurement processes.' To learn more about how Veson and Cargill plan to work together, and how Cargill's customer experience would be enhanced, read this interview featuring Veson's Sean Riley and Cargill's Eric Aboussouan and Patrick Jourdain, Cargill Ocean Transportation Customer Lead. About Veson Nautical Veson Nautical empowers the global maritime industry to navigate compounding complexity on all sides of the trade. Multi-jurisdictional regulations, geopolitical disruptions, decarbonization, cybersecurity threats, and more are forcing industry participants to recalibrate their risk tolerance. By combining trusted maritime data with built-for-purpose workflows, Veson gives clients the decision-making confidence to manage risk and maximize profit. With a heritage of innovation and expertise across all maritime related contracts, Veson serves more than 38,000 users across 2,400 companies in more than 100 countries and is uniquely positioned to enable a decision advantage. Learn more at About Cargill Cargill is committed to providing food, ingredients, agricultural solutions, and industrial products to nourish the world in a safe, responsible, and sustainable way. Sitting at the heart of the supply chain, we partner with farmers and customers to source, make and deliver products that are vital for living. Our approximately 160,000 employees innovate with purpose, providing customers with life's essentials so businesses can grow, communities prosper, and consumers live well. With 160 years of experience as a family company, we look ahead while remaining true to our values. We put people first. We reach higher. We do the right thing—today and for generations to come. For more information, visit Veson Nautical Press Team Office +44 (0)20 3397 0102 [email protected]
