Shell Delivered Record Amount of Marine LNG to Ships in 2024

Shell Plc said it delivered record volumes of liquefied natural gas to power ships last year, boosting the use of a fuel that’s become crucial to the energy transition. The company’s deliveries reached 1.1 million tons, according to the supermajor, which is one of the largest LNG shipping operators. The shipping industry spews hundreds of millions of tons of greenhouse gases into the atmosphere each year and is under mounting pressure to decarbonize. LNG, emitting less carbon than oil-derived ship propellant, has been touted as a key bridge fuel during the switch to cleaner energy. Yet it still releases pollutants, including large amounts of methane. “Demand for LNG-fueled vessels is picking up pace,” Tom Summers, senior vice president for Shell LNG Marketing & Trading, said in an email on Thursday. “LNG helps ship owners to reduce greenhouse gas emissions.” The company last month raised its long-term forecast for global LNG demand, saying consumption will surge by about 60% into 2040. It expects the number of LNG-powered vessels to almost double in the next five years. While the European Union has introduced rules that target ships’ emissions, the global marine fuel market is still dominated by oil. LNG only accounted for about 6% of consumption in 2023, according to figures from the International Maritime Organization, the industry’s regulator. The amount of methane escaping from LNG-fueled ships is higher than assumed by the IMO, according to a study last year by environmental researchers. One critic of the use of LNG to power vessels, Fortescue Ltd.’s billionaire Chairman Andrew Forrest, has plans to tap green ammonia instead. Methane is the second-largest contributor to global warming, after carbon dioxide. Shell aims to keep the methane intensity of its operated assets below 0.2% this year and achieve near-zero methane emissions by the end of the decade.

Shell Plc said it delivered record volumes of liquefied natural gas to power ships last year, boosting the use of a fuel that’s become crucial to the energy transition.

The company’s deliveries reached 1.1 million tons, according to the supermajor, which is one of the largest LNG shipping operators.

The shipping industry spews hundreds of millions of tons of greenhouse gases into the atmosphere each year and is under mounting pressure to decarbonize. LNG, emitting less carbon than oil-derived ship propellant, has been touted as a key bridge fuel during the switch to cleaner energy. Yet it still releases pollutants, including large amounts of methane.

“Demand for LNG-fueled vessels is picking up pace,” Tom Summers, senior vice president for Shell LNG Marketing & Trading, said in an email on Thursday. “LNG helps ship owners to reduce greenhouse gas emissions.”

The company last month raised its long-term forecast for global LNG demand, saying consumption will surge by about 60% into 2040. It expects the number of LNG-powered vessels to almost double in the next five years.

While the European Union has introduced rules that target ships’ emissions, the global marine fuel market is still dominated by oil. LNG only accounted for about 6% of consumption in 2023, according to figures from the International Maritime Organization, the industry’s regulator.

The amount of methane escaping from LNG-fueled ships is higher than assumed by the IMO, according to a study last year by environmental researchers. One critic of the use of LNG to power vessels, Fortescue Ltd.’s billionaire Chairman Andrew Forrest, has plans to tap green ammonia instead.

Methane is the second-largest contributor to global warming, after carbon dioxide. Shell aims to keep the methane intensity of its operated assets below 0.2% this year and achieve near-zero methane emissions by the end of the decade.



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The Download: how people fall for pig butchering schemes, and saving glaciers

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Some miners finance their operations with loans assuming steady returns, only to get caught in a bear market where mining rewards drop, electricity bills stay fixed, and debt payments become unmanageable.This is why partnerships with experienced service providers who understand the nuances of power markets, hardware procurement, optimization, and financial hedging are critical. Those who fail to manage these risks effectively often end up selling distressed assets at the bottom of the cycle, exiting the industry with heavy losses, while more sophisticated players continue to scale.The Solution: A Turnkey Approach with Soluna & LuxorRecognizing BitMine’s needs, Soluna and Luxor combined their strengths to offer a comprehensive and predictable end-to-end solution. Soluna: Reliable Infrastructure & Stable PowerBitMine expanded its relationship with Soluna from ~3 MWs at the Project Sophie data center to adding an additional ~10MW at the new Project Dorothy facility. With Soluna currently providing 13MW hosting capacity, this eliminated uncertainty related to fluctuating energy prices and power interruptions, ensuring BitMine had a dedicated, stable source of power.Luxor: Financial, Operational, and Strategic ExpertiseLuxor played a critical role in enabling BitMine’s expansion by leveraging all aspects of its business:Hashrate Forward Contract: Luxor structured a hedging strategy that secured BitMine’s profitability by locking in a fixed hashprice for a 12-month term.Capital & Equipment Financing: Luxor facilitated financing for ASIC machine procurement through a forward hashrate sale, ensuring BitMine could scale without facing capital constraints.Logistics Support: Luxor managed the entire shipping & logistics process to minimize downtime.Fleet Optimization & Management: Luxor firmware was deployed across BitMine’s fleet, unlocking dynamic mining strategies through LuxOS to maximize revenue and efficiency.Why This Model Stands OutThis partnership redefined the traditional mining setup by integrating infrastructure, software & financial services, and operations management into a turnkey solution. By reducing risk across deployment, price volatility, and operational uncertainty, BitMine was able to scale confidently and predictably while focusing on its core business activities.Results: Unlocking More Hashrate, More ASICs, and More EfficiencyThe collaboration between BitMine, Soluna, and Luxor delivered tangible results:Tripled BitMine’s deployed ASIC capacity, significantly boosting its hashrate.Secured long-term power stability, mitigating energy price fluctuations.Locked in hashprice terms, reducing financial exposure to market volatility.Streamlined deployment process, cutting down hardware lead times and ensuring rapid scaling.Enhanced operational efficiency, leveraging LuxOS firmware and running around 10% more efficiently than other miners, leading to improved profitability and lower downtime.This approach provided BitMine with greater financial stability, operational certainty, and a faster growth trajectory, proving the effectiveness of a fully integrated mining solution.Conclusion: The Future of Integrated Mining SolutionsThis partnership between BitMine, Soluna, and Luxor showcases the value of turnkey mining solutions. Each party benefited:BitMine: Gained a complete, risk-mitigated mining solution with price certainty, reliable power, and operational efficiency.Soluna: Secured a long-term customer for its power capacity, reinforcing its role as a leader in sustainable Bitcoin mining.Luxor: Demonstrated the power of its full-service model, proving that its comprehensive approach can drive long-term success for mining companies.As mining economics continue to evolve, integrated win-win-win solutions like this will become increasingly essential. Soluna and Luxor plan to replicate and scale this model, bringing more miners into a stable, profitable framework.For mining companies looking for a reliable, end-to-end solution, this case study validates the effectiveness of strategic partnerships in an industry where efficiency and risk management are critical.Can We Help You?Given the success of this collaboration, Soluna and Luxor are exploring ways to expand this model. If you’re a miner looking for a scalable, turnkey solution, get in touch to learn how this approach can work for you.About BitMine Immersion Technologies, Inc.BitMine is a technology company focused on Bitcoin mining using immersion technology, an advanced cooling technique where computers are submerged in specialized oil circulated to keep units operating at optimal ambient temperature. Immersion technology is more environmentally friendly than conventional mining methodologies while lowering operating expenses and increasing yield. BitMine’s operations are located in low-cost energy regions in Trinidad, Pecos, Texas, and Murray, Kentucky.About Soluna Holdings, Inc. (SLNH)Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications.  Soluna’s proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit solunacomputing.com.  Follow us on X (formerly Twitter) at @SolunaHoldings. About Luxor Technology CorporationLuxor Technology Corporation is a Bitcoin mining software and services company that offers a suite of products catered toward the mining and compute power industry. Luxor’s suite of software and services includes an open auction ASIC Marketplace, a Bitcoin mining pool, a Hashrate Derivatives Desk, an Antimer ASIC Firmware, and a Bitcoin mining data platform.If you are interested in contacting the Luxor Derivatives Desk, please email [email protected].DisclaimerThis content is for informational purposes only, you should not construe any such information or other material as legal, investment, financial, or other advice.

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