Zinger Key Points
- TotalEnergies delivers its first 100% biofuel bunker in Singapore, advancing shipping's decarbonization with UCOME biofuel.
- The biofuel, sourced from waste-based cooking oil, can reduce greenhouse gas emissions by up to 90%.
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TotalEnergies SE TTE shares are trading higher premarket today. The company disclosed that it supplied its first B100 biofuel bunker in Singapore on August 5.
The move marks a major expansion in its low-carbon fuel offerings and supports global shipping’s decarbonization goals.
TotalEnergies Marine Fuels transferred 700 metric tons of 100% Used Cooking Oil Methyl Ester (UCOME) biofuel to Hyundai Glovis’s PCTC Glovis Cosmos using the IMO Type II tanker MAPLE.
The UCOME biodiesel, a second-generation, waste-based fuel from Southeast Asia and ISCC-certified, is supplied in 100% biofuel form for the first time. This can cut greenhouse gas emissions by 80% to 90% on a well-to-wake basis.
Louise Tricoire, Senior Vice President Aviation and Marine Fuels, said, “I am very pleased to see that our first 100% biofuel bunker was delivered safely and smoothly. The operation reinforces our commitment to supporting the shipping industry’s decarbonization ambitions. We will continue to innovate and find sustainable low-carbon solutions for the shipping industry, which is navigating fast-changing market and regulatory conditions.”
An Electronic Bunker Delivery Note (eBDN) was issued for the delivery, part of TotalEnergies Marine Fuels’ digitalized bunker reporting system launched this year to enhance safety and efficiency.
Last week, TotalEnergies sold its 50% stake in TPPL to Gunvor Group, aligning with its focus on core markets with growth potential.
Investors can gain exposure to the stock via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF EIPX and First Trust Exchange-Traded Fund VIII FT Energy Income Partners Enhanced Income ETF EIPI.
Price Action: TTE shares are up 0.66% at $67.58 premarket at last check on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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