Singapore’s bunker supplier Victory Petroleum Trading (VPT) has signed a memorandum of understanding (MoU) with Sea Forrest Power Solutions, a subsidiary of BH Global Corporation, to convert its existing bunker fleet to electric propulsion .
Under the agreement, the company will also design and supply energy storage systems and ship-to-ship charging systems.
The energy storage system will be designed and engineered for coastal use.
“This strategic partnership with VPT will further propel us along our course in delivering environmentally sustainable solutions for the marine and offshore sector. This is in line with the Group’s Environmental, Electrification and Digitalisation initiatives,” Vincent Lim , Chief Executive Officer of BH Global said.
“The strategic partnership between SFP and VPT will enhance both companies’ sustainability and environmental roadmaps in adopting green solutions for the harbour craft community, which includes expediting the adoption of Hybrid Electric vessel operations in Singapore waters.”
In line with the 2030 and 2050 targets set by International Maritime Organisation (IMO) , VPT’s new business model is to decarbonise its existing bunker fleet.
The hybrid-electric steel vessels will feature hybrid propulsion, to reduce carbon emissions and contribute to the reduction of the shipping industry’s carbon footprint over the coming decades.
Victory Petroleum currently has six bunkers in its fleet.
Electrification and hybridization of ships have been picking up in the industry for a while now, being the predominant choice for short-sea shipping.