Penfield Marine and Macquarie Group execute carbon-neutral voyage and reach agreement to offer carbon-neutral freight solutions to Penfield’s pool members and charterers
Leading commercial tanker operator Penfield Marine and Macquarie Group’s Commodities and Global Markets division (Macquarie) have announced Penfield’s first carbon-neutral voyage in a collaboration that will enable Penfield Marine to offer environmentally differentiated freight products to its customers.
The structure achieves carbon-neutral freight by retiring high-quality carbon offsets sufficient to cover the carbon footprint of an entire voyage, including emissions associated with the vessel’s ballast leg, positioning the vessel to perform the voyage, the laden passage and port load and discharge operations.
Penfield believes this is the first carbon-neutral freight offering from a freight pool operator globally.
The collaboration builds on Penfield and Macquarie’s existing commercial relationship, solidifies Penfield’s position as one of the leading freight pool managers globally, and demonstrates the role the two companies are playing in driving net-decarbonisation of the maritime industry.
The voyage Penfield has offset was performed by 2017-built, 158,432-dwt Suezmax tanker Seaways Hatteras, owned by International Seaways.
The vessel loaded 1M barrels of crude oil in Brazil for delivery to multiple ports in southeast Asia including Singapore and Malaysia, completing operations on 24 June.
The ballast leg from Singapore to Brazil was also offset.
The carbon offsets identified, sourced and retired by Macquarie were from multiple Verra-registered projects, including the Rimba Raya Biodiversity Reserve project in Indonesia that protects tropical peat swamp forest and is within the United Nations’ SDG 14: Life Below Water, which aims to conserve and sustainably use oceans, seas, and marine resources for sustainable development.
The remainder of the offsets were from similarly high-quality Verra Projects including a Brazilian forest conservation-related project.
Macquarie also arranged for the carbon accounting and verification using its partner, UK-based CarbonChain.com, which specialises in commodity lifecycle emissions analysis. The carbon accounting calculations are being independently verified and certified by inspection services company SGS.
“We are very enthusiastic about the offset portfolio and appreciate Macquarie’s leadership and insight into developing this offering for our tanker pools. The completion of this first carbon-neutral voyage has been an excellent collaboration with our founding Suezmax pool member International Seaways, and we see this as just the beginning. We look forward to continuing this effort on a platform basis with the pools that we operate,” commented Penfield chief executive Tim Brennan.
“Penfield believes this represents an impactful, practical and immediately executable pathway towards decarbonisation in the shipping industry, which overall will take significant time and capital. Our industry is at the dawn of a new era and Penfield looks forward to working with Macquarie, its pool partners and charterers to help drive the industry towards a decarbonised future.”
“This collaboration with Penfield is a testament to the relationship Macquarie has with Penfield and the commitment both organisations have to driving decarbonisation and positive change for the industry,” said Macquarie’s Commodities and Global Markets business managing director Scobie Mackay.
Register here for Marine Propulsion Webinar Week 26 July 2021 - 29 July 2021
© 2023 Riviera Maritime Media Ltd.