RE: Loading Fuel For Proof Of Concept Trials 15 May 20251 Apr 2025 16:12
I don't agree with your interpretation of either that snippet nor what was said at the IMC. I'll refrain from getting into a pejorative contest about "weird takes"; you put everyone else on this forum to the sword on that count.
"Alongside the Trials, the parties plan to initiate commercial MSAR® and bioMSAR™ bunker supply operations to the marine sector through the MAC2 facilities in the Port of Antwerp-Bruges to MSC and other shipping companies on a permanent basis."
It clearly says they are *planning* to initiate commercial supply.
It doesn't say 'we are going to engage in commercial supply of MSAR and bioMSAR with other shippers before the LONO is completed'.
Based on what Jason advised, it appears likely that other operators will engage in trials of MSAR and bioMSAR (presumably POC and/or commercial trials, like MSC, which would be great).
You may want what you have said to happen; I'm sure we all do, but that isn't what it actually says. It would be nice.
I re-listened to the IMC, and they clearly say trial numerous times.
I imagine by the time other operators have finished their negotiations, scheduling, vessel testing, etc, Leandra will have her LONO.
That said, I do not think it's the case operators **need** to wait for the Leandra V LONO; it is just that their own testing, validation, and approvals will take a good amount of time.
Someone may decide to jump straight to commercial usage, but I can't find them actually saying it in this RNS nor in the IMC.
My point here is about trying to report accurately .
My transcript:
"""
Yeah, well, we are in reasonably advanced stages with a number of shipping companies who take a similar view to MSC.
They may not be necessarily in the same line as them, but take a similar view to MSC that biofuels is an important component for them to decarbonise their fleet going forward.
Ultimately, they'd like to carry out their own **tests**, because their technical people need to be convinced.
It's not necessarily for MSC to conclude, and they want to be ahead of the curve themselves, and take the opportunity, potentially, of the facility being available in Antwerp to do it.
In terms of where we are, we are reasonably happy with that; bringing Linda on board is expanding those discussions and gives us more capability to expand our network [and pipeline].
With the pipeline we've already got with a number of shipping companies, we feel optimistic there are more people very interested in **testing** bioMSAR and not waiting for the LONO to be completed to do that; they want their own experience, and they understand [self interruption]. I think it's important to explain to shareholders that shipping companies are carrying out tests on different fuels all the time. They know the process and how it can be done. So, they are willing to do their own trials and not wait for approvals to happen in several years time.
"""
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