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Overseas Shipholding Group (OSG) has been awarded a $3,000,000 grant from the US Department of Energy to design a new vessel for transporting liquified carbon dioxide (LCO2) captured by emitters in Florida. The vessel grant is part of OSG's efforts to develop a complete CO2 storage and transport solution for industrial emitters in the region. OSG previously received a grant for the Tampa Regional Intermodal Carbon Hub (T-RICH) to study an intermediate storage hub at Port Tampa Bay for captured CO2. The new ATB vessel will transport captured CO2 from the T-RICH hub to sequestration sites in the Gulf of Mexico. OSG aims to support the US goal of achieving net zero carbon emissions by 2050 through carbon capture and storage systems.
Overseas Shipholding Group (OSG) ha ricevuto un finanziamento di 3.000.000 di dollari dal Dipartimento dell'Energia degli Stati Uniti per progettare una nuova nave destinata al trasporto di anidride carbonica liquida (LCO2) catturata dagli emettitori in Florida. Il finanziamento per la nave fa parte degli sforzi di OSG per sviluppare una soluzione completa di stoccaggio e trasporto di CO2 per gli emettitori industriali della regione. OSG aveva precedentemente ricevuto un finanziamento per il Tampa Regional Intermodal Carbon Hub (T-RICH) per studiare un hub di stoccaggio intermedio presso il Port Tampa Bay per la CO2 catturata. La nuova nave ATB trasporterà la CO2 catturata dal hub T-RICH ai siti di sequestro nel Golfo del Messico. OSG si propone di supportare l'obiettivo degli Stati Uniti di raggiungere emissioni di carbonio nette zero entro il 2050 attraverso sistemi di cattura e stoccaggio del carbonio.
Overseas Shipholding Group (OSG) ha sido premiado con una subvención de 3,000,000 de dólares por el Departamento de Energía de los EE. UU. para diseñar una nueva embarcación para transportar dióxido de carbono líquido (LCO2) capturado por emisores en Florida. Esta subvención para el buque es parte de los esfuerzos de OSG para desarrollar una solución completa de almacenamiento y transporte de CO2 para emisores industriales en la región. Anteriormente, OSG recibió una subvención para el Tampa Regional Intermodal Carbon Hub (T-RICH) para estudiar un centro de almacenamiento intermedio en Port Tampa Bay para el CO2 capturado. El nuevo buque ATB transportará el CO2 capturado desde el centro T-RICH hasta los sitios de secuestro en el Golfo de México. OSG busca apoyar el objetivo de EE. UU. de alcanzar cero emisiones netas de carbono para 2050 a través de sistemas de captura y almacenamiento de carbono.
미국 에너지부로부터 3백만 달러의 보조금을 받아 플로리다에서 배출된 액체 이산화탄소(LCO2)를 운반하기 위한 새로운 선박을 설계하게 되었습니다. 이 보조금은 지역 산업 배출자를 위한 완벽한 CO2 저장 및 운송 솔루션을 개발하기 위한 OSG의 노력의 일부입니다. OSG는 이전에 탬파 지역 간섭 카본 허브(T-RICH)에 대한 보조금을 받아 탬파베이 항에서 캡처된 CO2를 위한 중간 저장 허브를 연구했습니다. 새로운 ATB 선박은 T-RICH 허브에서 멕시코만의 격리 장소로 캡처된 CO2를 운송할 것입니다. OSG는 2050년까지 탄소 포집 및 저장 시스템을 통해 미국의 순탄소 배출 제로 목표를 지원하고자 합니다.
Le groupe Overseas Shipholding (OSG) a reçu une subvention de 3 000 000 dollars du Département de l'Énergie des États-Unis pour concevoir un nouveau navire destiné au transport de dioxyde de carbone liquéfié (LCO2) capturé par les émetteurs en Floride. Cette subvention pour le navire fait partie des efforts d'OSG pour développer une solution complète de stockage et de transport de CO2 pour les émetteurs industriels de la région. OSG avait précédemment reçu une subvention pour le Tampa Regional Intermodal Carbon Hub (T-RICH) pour étudier un hub de stockage intermédiaire au Port Tampa Bay pour le CO2 capturé. Le nouveau navire ATB transportera le CO2 capturé du hub T-RICH vers des sites de séquestration dans le golfe du Mexique. OSG vise à soutenir l'objectif des États-Unis d'atteindre des émissions de carbone nettes nulles d'ici 2050 grâce à des systèmes de capture et de stockage du carbone.
Die Overseas Shipholding Group (OSG) hat vom US-Energieministerium einen Zuschuss in Höhe von 3.000.000 Dollar erhalten, um ein neues Schiff für den Transport von verflüssigtem Kohlendioxid (LCO2) zu entwerfen, das von Emittenten in Florida eingefangen wird. Die Schiffszuschuss ist Teil der Bemühungen von OSG, eine umfassende CO2-Speicher- und Transportlösung für industrielle Emittenten in der Region zu entwickeln. Zuvor hatte OSG einen Zuschuss für das Tampa Regional Intermodal Carbon Hub (T-RICH) erhalten, um ein Zwischenlager am Port Tampa Bay für eingefangenes CO2 zu untersuchen. Das neue ATB-Schiff wird das eingefangene CO2 vom T-RICH-Hub zu Sequestrierungsstandorten im Golf von Mexiko transportieren. OSG beabsichtigt, das Ziel der USA zur Erreichung von netto null Kohlenstoffemissionen bis 2050 durch Kohlenstoffabscheidungs- und Speichersysteme zu unterstützen.
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Insights
The announcement from Overseas Shipholding Group (OSG) regarding the receipt of a federal grant marks a strategic advancement in the company's venture into the emerging market of carbon capture and storage (CCS). OSG's move to design a new vessel for liquefied carbon dioxide transport aligns with the broader industry trend towards decarbonization and could position the company as a forerunner in this niche sector. The grant can be viewed as a vote of confidence in OSG's capability to innovate within its core domain of energy transportation, potentially creating new revenue streams and diversifying its service offerings.
The focus on CCS systems, which are projected to account for up to a 30% reduction in the nation's carbon emissions, indicates a clear trajectory towards clean energy solutions. For investors, this could signal long-term growth potential as OSG taps into a market driven by environmental regulatory frameworks and the global push for net-zero emissions. However, the capital-intensive nature of shipbuilding and the nascent stage of the CCS market suggest that investors should be cognizant of the risks associated with pioneering technologies and potential cost overruns during the development phase.
From an environmental policy standpoint, the involvement of the Department of Energy in funding OSG's initiative underscores the federal commitment to reducing carbon emissions, reflecting the priorities set forth in the United States' climate goals. This project not only aligns with national interests but also addresses Florida's specific environmental challenges. With no existing infrastructure for CO2 transport, the state faces unique hurdles in managing its emissions. The proposed ATB and T-RICH hub represents a targeted solution that could potentially serve as a model for other regions lacking in CO2 pipeline infrastructure.
The CO2 transportation logistics support the overarching policy goals of carbon reduction by enabling the sequestration of emissions from key industrial sources. The environmental benefits mentioned, such as the improved health of communities and the protection of sensitive ecosystems, may resonate with socially responsible investors and could enhance OSG's corporate image. These factors tend to positively influence investor perception and can, in the long term, translate into a more stable and favorable investment climate for the company.
The deployment of an articulated tug and barge (ATB) unit for transporting liquefied CO2 is indicative of the maritime industry's adaptive approach to evolving environmental imperatives. The transition from traditional energy cargoes to green alternatives represents a critical pivot point for the sector. OSG's proactive strategy to develop a marine transportation solution tailored to CCS requirements demonstrates foresight in capitalizing on emerging opportunities.
The design of such a vessel, specific to the transport of CO2, requires technical prowess and an understanding of the regulatory landscape governing marine emissions and safety standards. The successful operation of this fleet could establish a new benchmark in the maritime transportation of hazardous materials, which is likely to become more stringent as international environmental standards tighten. For investors, this suggests that OSG is not only expanding its operational capabilities but is also potentially setting industry standards that could lead to a competitive advantage in a rapidly evolving market space.
TAMPA, Fla.--(BUSINESS WIRE)--
Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”), a leading provider of energy transportation services, announced today that the Company has been awarded a $3,000,000 grant from the United States Department of Energy for the engineering and design of a new vessel that will transport liquified carbon dioxide (LCO2). The award will be used to develop the design of an articulated tug and barge unit (ATB) to be used to transport CO2 captured by emitters in the Greater Tampa Bay region and across the State of Florida to sequestration sites in the Gulf of Mexico.
The new vessel grant provides further resources towards the development of a complete CO2 storage and transport solution for industrial emitters in Florida. This grant follows the Company’s announcement in December 2023 of an award by the Department of Energy of another grant for the development of OSG’s proposed Tampa Regional Intermodal Carbon Hub (T-RICH). The T-RICH grant funds a study led by OSG to develop an intermediate storage hub at Port Tampa Bay for captured CO2. T-RICH would initially receive, store, and process two million metric tons of CO2 per year and could be scaled in the future to meet expanded volumes of captured CO2. The ATB which is the focus of the current grant would provide a marine transport solution for captured CO2 aggregated at the T-RICH hub terminal in Tampa, to be shipped in liquified form to developed, approved sequestration sites in the northern Gulf of Mexico region.
“The Department of Energy has encouraged the development of carbon capture and storage (CCS) systems as part of the United States’ goal to reduce CO2 emissions to achieve net zero carbon by 2050,” said Sam Norton, OSG’s President, and CEO. “CCS systems are expected to provide up to 30% of that total carbon emission reduction. OSG has an extensive track record as a leading provider of energy transportation of adopting new technologies and developing innovative solutions to meet our country’s energy needs,” Mr. Norton explained. “Transporting liquified CO2 is a natural next step into an exciting emerging market, consistent with OSG’s expertise with liquid cargoes.”
Jeff Williams, OSG’s Director of CO2 Transport Solutions, added, “The development of a CO2 transport ATB, along with the previously awarded hub storage terminal grant at Port Tampa Bay, provides a comprehensive solution for Florida’s largest emitting industrial facilities to be part of the nation’s response to the impacts of climate change to which Florida’s residents and sensitive ecosystems are most vulnerable. OSG’s solution will help accelerate the adoption of carbon emission reduction plans in Florida, result in improved health of affected communities, create hundreds of new jobs, and bring innovative and transformative technologies to Florida.”
“The State of Florida presents a unique opportunity for the transportation of liquified CO2. Florida has the country’s fourth largest CO2 emissions from power generation and industrial facilities but has no pipeline system capable of transporting captured CO2 out of state,” Williams continued. “OSG’s proposed T-RICH hub site at Port Tampa Bay would aggregate and store CO2 captured for loading into the LCO2 ATBs operated by OSG. The cargoes would then be delivered to the northern Gulf of Mexico, which has the largest confirmed capacity for safe, deep, permanent underground sequestration of captured CO2.”
About Overseas Shipholding Group, Inc
Overseas Shipholding Group, Inc. is a publicly traded company providing liquid bulk transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG’s U.S. Flag fleet consists of Suezmax crude oil tankers, conventional and lightering ATBs, shuttle and conventional MR tankers, and non-Jones Act MR tankers that participate in the U.S. Tanker Security Program.
Headquartered in Tampa, Florida, OSG is committed to setting high standards of excellence for its quality, safety, and environmental programs and is recognized as one of the world’s most customer-focused marine transportation companies. More information is available at www.osg.com.
Investor Relations & Media Contact:
Susan Allan, Overseas Shipholding Group, Inc.
(813) 209-0620
sallan@osg.com
Source: Overseas Shipholding Group, Inc.
FAQ
What grant did Overseas Shipholding Group (OSG) receive from the US Department of Energy?
Overseas Shipholding Group (OSG) received a $3,000,000 grant from the United States Department of Energy for the engineering and design of a new vessel to transport liquified carbon dioxide (LCO2).
What is the focus of the grant awarded to OSG by the Department of Energy?
The focus of the grant awarded to OSG by the Department of Energy is the development of an articulated tug and barge unit (ATB) to transport CO2 captured by emitters in Florida to sequestration sites in the Gulf of Mexico.
What does the Tampa Regional Intermodal Carbon Hub (T-RICH) grant fund?
The Tampa Regional Intermodal Carbon Hub (T-RICH) grant funds a study led by OSG to develop an intermediate storage hub at Port Tampa Bay for captured CO2.
What is the purpose of the CO2 transport ATB developed by OSG?
The purpose of the CO2 transport ATB developed by OSG is to provide a marine transport solution for captured CO2 from the T-RICH hub in Tampa to sequestration sites in the northern Gulf of Mexico region.
How does OSG's solution contribute to carbon emission reduction in Florida?
OSG's solution accelerates the adoption of carbon emission reduction plans in Florida by providing a comprehensive transport solution for captured CO2, creating new jobs, and bringing innovative technologies to the state.
