Dutch bunker supplier Titan has inked a long-term charter deal with Fratelli Cosulich on the Italian shipowner's first LNG bunker vessel newbuilding.
Titan will take delivery of the 8,200-cbm LNGBV Alice Cosulich in the fourth quarter of 2023.
The vessel, which is understood to be fixed to the company for a minimum seven-year period, will operate in Europe supplying LNG, liquefied bio-methane (LBM — also referred to as bio-LNG) and, in the future, small parcels of bio-diesel.
Titan described the charter deal as “a significant milestone” in the growth of its LNG and LBM bunkering operations, as it offers the company even more flexibility in its clean fuel operations.
It said the LNGBV is very suitable for performing more complex operations like cool-downs and gas-ups of various types of customer vessels.
Fratelli Cosulich paid around $100m for two LNGBVs which are being built at CIMC Sinopacific Offshore & Engineering. A sistership to Alice Cosulich is due for delivery in 2024.
Titan has been growing and honing its fleet of bunker vessels.
In January the company bought the 12,000-cbm Seapeak Unikum (ex-Vision Spirit) and Seapeak Vision (ex-Unikum Spirit, both built 2011). Company officials said the addition of Alice Cosulich will increase its LNGBV fleet to seven ships.
Consultants and energy majors working in the LNG sector have flagged up a growing supply gap in the number of LNGBVs as more dual-fuelled LNG newbuildings deliver over the next few years.
Speaking about this latest charter deal, Titan commercial director of marine Michael Schaap said: “This long-term agreement allows the companies to collaborate closely, as the Alice Cosulich will further enhance our LNG and LBM bunkering capabilities in the fast-growing European market.
“We like the design consideration of the vessel as we deem it fit and compatible with a lot of our current and future customer vessels,” Schaap added.
He said Titan’s LNG supply infrastructure allows the shipping industry to start delivering on decarbonisation now. “Both LNG and LBM are available today and enable ship operators to reduce emissions straight away,” Schaap said. “We believe in a multi-fuel future, he said .. we will supply other clean fuels when they become feasible.”
Fratelli Cosulich chief executive Timothy Cosulich described the company as “enthusiastic” about the new cooperation.
He said the company adopts “a long-term outlook and invests in resources that assist the maritime sector in achieving its objectives for lowering emissions”.
Our collaboration with Titan exemplifies our strong belief in forming partnerships to deliver innovative solutions that will effectively reduce our carbon footprint globally in a sustainable manner. We look forward to the arrival of Alice’s twin in the first quarter of 2024.”
