Home   |  News  |  Features  |  Media Pack  |  Contact

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trafigura commits to 25% cut in emissions intensity

Singapore-based commodity trader, and major shipping and bunker markets player, Trafigura has announced a target to reduce the intensity of its total shipping emissions by 25% by 2030, compared to an IMO 2019 adjusted baseline.

A statement in its annual accounts said: “The target encompasses over 70% of Trafigura’s reported Scope 3 emissions in 2020 and will see the emissions intensity profile of the Group’s owned and third-party leased shipping fleet decline by 48% compared to the 2008 IMO industry baseline…

December 23, 2021

Singapore
©iStock

This compares favourably to the IMO industry target of a 40% emissions intensity reduction over the same time frame.”

 

Trafigura’s overall revenues increased by 57% to US$231 billion year on year, reflecting higher commodity prices and increased trading volumes as the Group continued to grow its customer base and expand into new markets. Underlying EBITDA rose 13% to US$6.9 billion million.

 

According to the company’s financial report to 30 September 2021, “bunker markets stabilised in 2021 after the readjustments that accompanied the IMO 2020 rule change reducing permissible sulphur content in maritime fuel”. It noted that fuel oil prices moved up in tandem with crude oil and by the end of the financial year were double the level 12 months previously. It added that in the second half of the year, as the impact of Covid-19 faded, the market saw a significant pull of Asian demand driven by the use of fuel oil in power plants, which was caused by global shortages of coal and gas power.

The company added: “Trafigura’s fuel oil trading desk performed well in challenging conditions, adapting arbitrage positions to the new pattern of specifications and requirements in different regions and optimising flows to match new market requirements. Traded volumes increased strongly during the year and despite intense competition, Trafigura maintained an elevated level of competitiveness in a much less volatile market compared to 2020.”

 

According to the report: “Good progress towards achieving previously announced greenhouse gas emissions reduction target to reduce total Scope 1 and 2 emissions by 30% by 2023, compared to 2020. Together with targets to align the Group’s leading Responsible Sourcing programme with ISO20400 and invest in a portfolio of renewable power generation US$5.5 billion European revolving credit facility.”

Get in touch

Contact one of the World Bunkering team.

Constructive Media

Constructive Media
50 George Street,
Pontypool
NP4 6BY

Tel: 01495 740050
Email: ibia@constructivemedia.co.uk



On behalf of :

IBIA Ltd Office 239
New Broad Street House
35 New Broad Street
London, EC2M 1NH
United Kingdom

Tel: +44 (0) 20 3397 3850
Fax: +44 (0) 20 3397 3865
Email: ibia@ibia.net
Website: www.ibia.net

Emails

Publisher & Designer: Constructive Media - ibia@constructivemedia.co.uk
Editor: David Hughes - anderimar.news@googlemail.com
Deputy Editor: Unni Einemo - unni@ibia.net
Project Manager: Alex Corboude - alex@worldbunkering.net

Terms & Conditions | Copyright © 2021 World Bunkering

- Online IBIA Bunker Training Course -