This Memorandum of Understanding (MoU) between Global Energy and Singapore Methanol highlights their collaboration to promote bio-methanol as an eco-friendly, commercially viable bunker fuel, crucial for the decarbonization of the maritime industry. The MoU includes joint initiatives like FuelEU Maritime compliance pooling, green methanol storage, and distribution, along with exploring advanced alternative marine fuels.
Key Details
- Objective: The main goal of this partnership is to reduce greenhouse gas (GHG) emissions and adhere to international carbon intensity reduction regulations.
- Statements from Leaders:
- Charles Shang, CEO of Singapore Methanol, emphasized Singapore’s role in the green methanol market and its commitment to innovative sustainable fuel solutions.
- Loh Hong Leong, Managing Director of Global Energy Overseas, reinforced their dedication to providing reliable, forward-thinking fuel solutions for a sustainable future.
- Context and Significance:
- Singapore, being the world’s busiest transhipment hub and the largest bunkering port, is increasingly turning to greener fuels. The country has seen a growing demand for alternative fuels, contributing to a transition toward a multi-fuel future.
- Bunker Sales Growth: In 2023, Singapore’s bunker sales reached a record 51.8 million tonnes, with alternative fuels making up 1.2% of the total sales.
- Innovations:
- The first ship-to-containership methanol bunkering operation was conducted in July 2023 onboard the Laura Maersk in Singapore.
- MT Maple, the first methanol bunkering vessel, was introduced in December 2023.
This partnership is aligned with global efforts to decarbonize the shipping industry and develop sustainable marine fuel alternatives. The collaboration not only positions Singapore as a leader in the green methanol landscape but also supports the maritime sector in reducing its environmental impact.
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Source: OFFSHORE ENERGY
