Singapore: Dry bulk specialist Pacific Basin has invested $577m in four roll-on/roll-off vessels that it believes will help address environmental concerns in Asia. "We have a strong view that environmental issues are going to become more important to the world," PB ceo Richard Hext was quoted as saying by the South China Morning Post. The ceo believes that stronger environmental awareness in Beijing as a result of its efforts to clean the air for the Olympic Games and the European governments' efforts to replace long-haul trucks with ro/ro vessels to lower carbon emissions would pave the way for increased use of ro/ro vessels in Asia.
According to Sustainable Shipping, Hong Kong-based Pacific Basin ordered the ro/ro vessels in December for delivery between next year and 2010. The new vessels are capable of operating at 21.5 knots and are believed to be more fuel-efficient than the firm's existing ships. The deal also carries options for two additional vessels.
Pacific Basin has also invested $40m in a Chinese mainland gas supply company, Green Dragon Gas, to prepare for tougher environmental requirements on shipping. "It is possible that shipping companies will be required to be carbon-neutral," Hext is reported as saying.
The gas company produces coal-bed methane, a gas resource that is a clean fuel when burnt. Pacific Basin anticipates the investment will allow it to qualify for carbon credits that could be used to offset the carbon dioxide produced by its ships in the future. [12/08/08]
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