EU and US could reach trade deal this weekend - Reuters
PARIS - TotalEnergies (NYSE:TTE) and CMA CGM Group announced Wednesday they have entered into an agreement to develop a 50/50 logistics joint venture focused on liquefied natural gas (LNG) bunkering operations at the port of Rotterdam.
The partnership will deploy and jointly operate a new 20,000 cubic-meter LNG bunker vessel in Rotterdam by the end of 2028. The vessel will provide complete logistics services in the Amsterdam-Rotterdam-Antwerp region, serving CMA CGM’s vessels and other shipping operators.
As part of the agreement, TotalEnergies will supply CMA CGM with up to 360,000 tons of LNG annually from 2028 until 2040. This will support CMA CGM’s growing dual-fuel LNG-powered fleet, which is expected to reach 123 vessels by 2029.
The joint venture will build upon TotalEnergies’ existing logistics infrastructure in the region, where its 18,600 cubic-meter LNG bunker vessel Gas Agility has been operating since 2020.
"LNG is today the most mature and immediately available solution to reduce the environmental footprint of maritime transport," said Patrick Pouyanné, Chairman and CEO of TotalEnergies, in the press release statement.
Rodolphe Saadé, Chairman and CEO of CMA CGM Group, noted: "For the first time, a shipping company and an energy provider will jointly operate an LNG bunkering vessel, based in the port of Rotterdam."
According to the companies, LNG as a marine fuel can reduce greenhouse gas emissions by up to 20% compared to conventional marine fuels, while significantly reducing nitrogen oxides emissions by up to 85% and almost completely eliminating sulfur oxides and fine particles.
The creation of the joint venture is subject to applicable regulatory approvals.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.