Marine fuel supplier Peninsula and liquid energy storage company Evos have entered into a Memorandum of Understanding (MoU) to significantly enhance biofuel storage capabilities at the Port of Algeciras. The agreement outlines plans for developing up to 60,000 cubic meters of storage capacity at the Evos terminal, which will be exclusively dedicated to Peninsula.
This initiative is a direct response to the accelerating adoption of biofuels within the maritime sector. John Bassadone, Peninsula's founder and CEO, highlighted that this trend is fueled by the fluctuating prices of traditional marine fuels and the increasing stringency of regulatory measures such as FuelEU and the EU Emissions Trading System (EU ETS).
For freight forwarders and operations managers, this development signifies a positive step towards more reliable and accessible biofuel bunkering options in a key Mediterranean port. Increased storage capacity in Algeciras could lead to better availability and potentially more stable pricing for alternative fuels, supporting carriers in meeting their decarbonization targets and complying with stricter environmental regulations. This could influence vessel routing and bunkering strategies for ships transiting the region, making Algeciras a more attractive hub for green fuel uptake.