Cryopeak Inks Deal with Island Tug & Barge for LNG Bunkering
Cryopeak LNG Solutions Corporation said Wednesday it has signed a Memorandum of Understanding with marine bulk fuels transporter Island Tug & Barge Ltd. (ITB) to deliver liquefied natural gas (LNG) bunkering services in Southwest British Columbia, Canada.
Cryopeak and ITB have developed a design for a 4,000-cubic-meter articulated tug and barge (ATB) which is planned to be in operation in 2023. A key feature of this solution is that it will leverage one of ITB's tugs designed and built in Vancouver to deliver LNG as a fuel to shipping companies calling to ports on the West Coast.
"We are excited to partner with Island Tug & Barge to combine ITB's marine operations expertise with Cryopeak's expertise in LNG distribution and project development. We look forward to developing this initiative and supporting the use of LNG as a marine fuel on the West Coast," states Calum McClure, CEO of Cryopeak. "This initiative supports the Port of Vancouver in joining other leading ports globally in offering LNG bunkering services."
Cryopeak said it has engaged with local First Nations to develop business opportunities associated with the project.
This project is in line with Cryopeak, which currently has a fleet of 16 tankers operating in Canada, as well as equipment and technologies for storage, regasification and fuel dispensing, said it aims to be a vertically integrated and full-service provider of LNG to Western and Northern Canada, as well as Alaska.
ITB is a subsidiary of Tidewater Canada, Incorporated and is the West Coast's largest Canadian bulk transporter of refined petroleum products.