Is Methanol The Future Of Sustainable Shipping Fuel?

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Mfame Editor
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  • Methanol is gaining traction as a bunker fuel for decarbonization in the maritime industry.
  • ESG compliance and decarbonization goals are driving shipowners to adopt methanol.
  • Diana Shipping Inc. has ordered two methanol-fueled Kamsarmax vessels, showcasing the industry’s shift towards cleaner fuels.
  • The bunkering infrastructure in Singapore is well-prepared to support methanol-fueled vessels.
  • The increasing number of methanol-fueled newbuildings reflects the industry’s commitment to sustainable shipping.

A new era of sustainable shipping is dawning as the maritime industry embraces methanol as a bunker fuel, paving the way for decarbonization. Captain Satinder Singh Virdi from DNV shed light on the growing trend, highlighting its accessibility due to methanol’s liquid state and extensive history of use in the sector.

Methanol’s Rising Tide in Shipping

As environmental, social, and governance (ESG) compliance becomes increasingly crucial, shipowners are turning to methanol to meet decarbonization objectives. With 230 vessels on order, including 156 containerships, the trend for methanol-fueled newbuildings is on the rise. Diana Shipping Inc., a leading player in the industry, recently signed contracts for two 81,200 dwt methanol dual fuel Kamsarmax dry bulk vessels.

Diana Shipping’s Green Initiative

Priced at $46 million each, these energy-efficient, low greenhouse gas (GHG) emission vessels will be constructed by Tsuneishi Group (Zhoushan) Shipbuilding Inc., China. Set to be delivered by 2027-2028, they are expected to produce near-zero GHG emissions when powered by green methanol. Post-sale of m/v Artemis, Diana Shipping Inc.’s fleet will consist of 39 dry bulk vessels with a combined carrying capacity of approximately 4.5 million dwt and an average age of 10.65 years.

Singapore’s Bunkering Infrastructure: Ready for Methanol

Confidence in the bunkering infrastructure in Singapore to support methanol-fueled vessels is high, thanks to collaborative efforts between various organizations. Captain Singh expressed optimism about this development, emphasizing its significance in facilitating the transition to cleaner fuels.

The maritime industry’s shift towards methanol as a bunker fuel not only signifies a significant step towards decarbonization but also underscores the growing importance of ESG compliance. As more shipowners recognize the potential of methanol, we can expect to see a continued surge in the adoption of this sustainable fuel, transforming the landscape of the maritime industry.

In the dance between humanity and mortality, the maritime sector is learning new steps, embracing cleaner fuels and prioritizing environmental responsibility. With methanol at the forefront of this change, the future of shipping looks decidedly greener.

As of February 14, 2024, the maritime industry’s commitment to decarbonization is evident in the increasing number of methanol-fueled vessels on order. The shift towards sustainable bunker fuels, led by companies like Diana Shipping Inc., illustrates the transformative power of innovation and collaboration in the quest for a greener future.

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Source: BNN

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