Feb 29

Titan looks back at 2023 and forward through 2024

“Continuing our pathway to decarbonisation in 2024”

The transition to alternative marine fuels was a major theme in the global shipping industry in 2023, and this focus on decarbonisation was reflected in the market. The supply of low, net-zero and zero-emission fuels scaled worldwide and the demand for these clean fuels increased. For Titan, 2023 was a strong year, focused on liquefied biomethane (LBM/bio-LNG) supply projects, carbon insetting, and LNG bunkering. You can watch some of our highlights in the video below.

Demand for LNG bunkering resurged in 2023 and we expect this to continue in 2024 as more LNG-fuelled vessels start operations. Despite progress on other alternative fuels, LNG propulsion systems still accounted for 93% of the active alternatively fuelled fleet and 57.5% of the fleet on order at the end of 2023. We are also building LNG pathway infrastructure, ready to supply these ships with LNG, LBM and – in the future – e-LNG.

LBM supply remained as one of the priorities for Titan in 2023 and progress was made on two major projects. We continued to advance on scale LBM production in the Port of Amsterdam with BioValue. Meanwhile, the FirstBio2Shipping facility – under construction in Wilp, the Netherlands, with partners Attero and Nordsol – has moved closer to producing its first LBM.

In 2023, we acquired two 12,000 CBM LNG carriers – now known as the Titan Vision and Titan Unikum –we retrofitted them with LNG bunkering capabilities now being able to provide LNG to the market. Additionally, we signed a charter agreement with Fratelli Cosulich for the LNG bunker vessel Alice Cosulich. These new bunker vessels joined FlexFueler001, FlexFueler002 and Optimus – taking our fleet to six vessels and a proficient volume near 45,000Cbm. Furthermore, we are progressing plans to realise our Krios (5000Cbm) and Hyperion (~10.000Cbm) series of newbuild vessels.

Beyond bunkering, with partners 123Carbon, AllChiefs and Verifavia we issued the first LNG-based carbon inset tokens readily available to the maritime market. Carbon insetting enables fuel suppliers and vessel operators to transfer the environmental benefits of clean, lower carbon intensity fuels throughout the maritime value chain to freight forwarders and shippers through immutable, traceable, and transparent blockchain-based tokens.

Looking ahead, using our expertise in LNG and LBM supply, we plan on branching out to deliver fuels that can significantly decarbonise shipping. We have big plans for growth aligned with rising market demand for clean fuel services. Bolstered by our recent partnership with Molgas and InfraVia Capital Partners, we’re primed to advance this mission.

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