- The Korean Register and the Ulsan Port Authority have signed an initial deal to allow vessels to bunker methanol at the South Korean port.
- South Korean shipping company KSS Marine in October took delivery of the country’s first methanol-powered vessel MV Savonetta Sun.
- Singapore, the world’s largest bunker hub, is also considering methanol.
Classification society the Korean Register and the Ulsan Port Authority have signed an initial deal to allow vessels to bunker methanol at the South Korean port, in a bid to transform it into a low-carbon, eco-friendly energy hub in northeast Asia.
Regulatory reforms
They agreed on 23 November to work together on regulatory reform, deregulation of methanol-fuelled vessels and methanol bunkering, using independent tank terminals in Ulsan as methanol storage facilities, testing methanol bunkering at the port and building methanol supply infrastructure in other South Korean ports.
Methanol vessels
International shipping companies are ordering a growing number of dual fuel methanol vessels.
Two vessels at Ulsan port received methanol for the first time in August this year, in an operation executed by Proman Stena Bulk, a joint venture between methanol producer Proman and tanker shipping company Stena Bulk.
South Korean shipping company KSS Marine in October took delivery of the country’s first methanol-powered vessel MV Savonetta Sun, a 50,000 deadweight tonnage product tanker.
Oil trading plans
Methanol, currently used mainly as a chemical feedstock, is one of the many low-carbon fuels that can be used as a bunkering fuel to reach the International Maritime Organisation’s goal to decarbonise the shipping industry. Other such fuels include biofuels, hydrogen and ammonia, as well as LNG.
Singapore, the world’s largest bunker hub, is also considering methanol. Denmark-based Maersk Oil Trading plans to trial ship-to-ship methanol bunkering at the port sometime during the first half of next year, together with Japanese trading house Mitsui and its Singapore trading affiliate and maritime classification society the American Bureau of Shipping.
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Source: Argus Media
