Methanol Emerges as Top Low-Carbon Bunker Fuel for Maritime Industry, highlights a Clayton County Register news source.
Seeking alternative fuels
The maritime industry is actively seeking alternative fuels that can help reduce greenhouse gas emissions, and methanol has emerged as a leading contender. S&P Global Commodity Insights predicts that the demand for low-carbon methanol from the shipping sector will skyrocket from 94,700 mt in 2022 to nearly 2.5 million mt in 2030.
To meet this growing demand, new US-based producers like SunGas Renewables, Carbon Sink, and WasteFuel plan to produce up to 4.4 million mt/year of methanol later this decade and in the 2030s.
Green methanol production
To support green methanol production, the US government is expected to offer substantial subsidies to clean hydrogen and carbon capture projects through the Inflation Reduction Act. Many aspiring green methanol producers, including the US companies mentioned above, are planning to supply significant quantities of their volumes to A.P. Moller-Maersk.
Maersk has invested in 36 containerships that can burn methanol and aims to halve emissions per transported container from 2020 levels by 2030. As the size of the methanol-capable fleet grows, more deals between producers and shipping companies can be expected.
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Source: Clayton County Register
