GS Caltex, POSCO, and H-Line Shipping have signed a memorandum of understanding to introduce bulk carriers running on marine biofuel in an effort to reduce carbon emissions. The partnership represents a new value chain in South Korea’s maritime industry, with a marine biofuel provider, a fuel tank maker, and a fuel tanker operator working together towards carbon emission reduction goals. The companies plan to fuel POSCO’s bulk carrier with marine biofuels and launch it later this month. GS Caltex’s new biofuel, called B30 Bio Marine Fuel, is a mixture of the company’s heavy oil for vessels and DS Dansuk’s used cooking oil-based biodiesel. It saves over 65% of carbon emissions compared to traditional fossil fuel-based marine fuel.
The marine biofuel made with used cooking oil-based biodiesel can reduce carbon emissions by over 80% and is cheaper than methanol or ammonia. It can be used without additional facilities or vessels. The International Maritime Organization has recognized the fuel’s carbon neutralization effect. GS Caltex’s partnership with POSCO and H-Line Shipping will contribute to the South Korean government’s goal of neutralizing national carbon emissions by 2050. This is not the first time GS Caltex has used its biofuel in practice, as it has previously supplied it to a container ship and to Korean Air for use in sustainable aviation fuel testing.
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