Gibraltar-based marine energy supplier Peninsula announced it has fixed its first biofuel deal for Cosco Shipping Lines, the Shanghai-based shipping giant.

The firm said 2,000 tons of UCOME-based B24 marine biofuel delivered to the 155,000 dwt Cosco´s container carrier, “M/V Cscl Venus”, through local Singapore physical supplier, Vitol Bunkers.

Biofuel demand continues to increase as a result of tighter regulation around maritime carbon emissions.

Peninsula says, “this delivery is another example of the company´s ability to unite close customer relationships with optimum supply solutions.”

The use of biofuel in this delivery will provide minimum GHG savings of over 1,200 tons of CO2 equivalent. For context, this saving is the equivalent CO2 emissions of over 200 vans covering 40,000 km each.

Nacho de Miguel, head of alternative fuels and sustainability at Peninsula said: “Peninsula’s strong brand presence across our Asian network is bringing significantly increased alternative fuels demand. Biofuel supply volumes are naturally increasing due to the regulatory environment, but it is equally clear that customers like Cosco, one of the biggest names in global shipping, feels able to trust Peninsula in delivering reliable lower-carbon solutions.”

Michael Tang, chief representative officer (China) for Peninsula added: “We are very grateful to Cosco for choosing Peninsula to arrange this Biofuel supply. Our internal expertise across the entire alternative fuels supply chain, as both physical supplier and trader, means that we can add real value to our customers.  We look forward to continuing our decarbonisation journey together.”