Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

Back to the future? Cargo giant Cargill turns to sails to cut carbon

2022 07 01T114402Z 2 LYNXMPEI601LL RTROPTP 4 GLOBAL TRADE - Global Banking | Finance

By Jonathan Saul

LONDON (Reuters) – In a new take on ancient technology, Cargill, one of the world’s biggest charterers of ships, is to add state-of-the art sails to a vessel early next year to test whether wind power can cut its carbon emissions, a top company executive said.

With about 90% of world trade transported by sea, shipping accounts for nearly 3% of the world’s CO2 emissions, yet environmental campaigners say efforts by the sector to cut emissions are slow.

Leading agri group Cargill will start testing a dry bulk vessel with two wind sails in the first quarter of 2023, Jan Dieleman, president of Cargill’s ocean transportation division, told Reuters.

“There will be cargo on board, this will not be sea trials but real commercial use.”

“We might want to use a period of three to six months to see how it works and then be ready to pull the trigger on an additional series of ships and that will depend on availability of the right ships,” Dieleman said, adding that a ship fully optimised for wind could cut emissions by 30%.

“This has never been done before with hard wings for a commercial vessel this size,” Dieleman said, adding that Cargill was also exploring combining wind power with zero carbon fuels.

BAR Technologies, which has designed boats for the America’s Cup, is developing the sails that are being built by Norway’s Yara Marine Technologies. Earlier this week, the two companies also signed an agreement with dry bulk owner Berge Bulk to fit wind sails on a vessel, which will be installed in the second quarter of 2023.

Cargill charters between 600 to 700 ships, of which 90% are for dry bulk and the rest are tankers.

Cargill’s overall seabourne volumes transported rose to 240 million tonnes in the 2021-2022 (June-June) fiscal year from 220 million tonnes in the previous year.

The group is part of an initiative called the Sea Cargo Charter that tracks emissions for ships by companies. Cargill’s emissions were 5.9% above the trajectory set.

“You had supply chain disruptions, booming economies with a lot of speeding up of ships, which resulted in more emissions,” Dieleman said, adding “there was still work to be done”.

(Reporting by Jonathan Saul; editing by Barbara Lewis)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post