Methanol-Fueled Vessels Consortium Invests in Ocean-Going Vessels Fueled By Methanol
A consortium consisting of Waterfront Shipping Company (WFS), Marinvest/Skagerack Invest, IINO Kaiun Kaisha, Mitsui, and the NYK Group announced their investment in four new ocean-going vessels powered by clean-burning methanol fuel.
Vancouver/Canada — The vessels will join the existing seven methanol-fueled vessels chartered by WFS. In 2016, WFS, Marinvest, Mitsui O.S.K. Lines, and Westfal-Larsen Management announced the delivery of these seven fuel-efficient ocean-going vessels to the sea.
The four additional 49,000 dead weight tonne vessels will be delivered in 2019 and built with MAN B&W ME-LGI 2-stroke dual-fuel engines that can run on methanol, fuel oil, marine diesel oil or gas oil.
René Sejer Laursen, Promotion Manager, MAN Diesel & Turbo, commented that since this dual-fuel engine entered the market in 2016, its price has dropped considerably, which would make it an even more attractive propulsion option.
Methanex stated in a press release that methanol was a promising alternative marine fuel that could meet new and existing environmental regulations from the International Maritime Organization (IMO) that require vessels to decrease emissions of sulphur oxide and nitrogen oxides. By using methanol rather than conventional marine fuel, the vessels produce fewer emissions than conventional vessels.
The four new vessels will be built in Korea at Hyundai Mipo Dockyard, where several of the first generation of methanol-fueled vessels were built. WFS will charter the four vessels to replace older vessels and support growing demand for methanol around the world. Two of the vessels will be owned in a joint venture between WFS and Marinvest, one will be owned by NYK and the fourth will be owned in a joint venture between IINO and Mitsui.