Shipping Industry To Welcome New, Lower Emission, Methanol Dual-Fuel Vessels

November 30, 2020

Waterfront Shipping renews fleet with 8 new methanol dual-fuel vessels

VANCOUVER, British Columbia, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Waterfront Shipping Company Ltd. (WFS), a wholly-owned subsidiary of Methanex Corporation, is pleased to announce the addition of eight new methanol dual-fuel vessels to its fleet. These vessels are part of the company’s fleet renewal program which continually replaces older vessels with newer more efficient ones strengthening its commitment to safe, responsible and reliable transport of cargo.

In partnership with Marinvest/Skagerack Invest (Marinvest), Nippon Yusen Kaisha (NYK), Meiji Shipping Co., Ltd. (Meiji Shipping), KSS Line Ltd. and Mitsui O.S.K. Lines, Ltd. (MOL), these vessels will add to WFS’s existing fleet of 11 methanol-fuelled ships, which have been recognized by the marine industry for their use of clean-burning methanol as a lower emission fuel. Having surpassed more than 90,000 combined operating hours, the vessels have proven methanol as a viable marine fuel solution; it’s compliant with the most stringent emissions regulations without the need for exhaust gas after-treatment and meets IMO Tier III NOx emissions standards. As a marine fuel, methanol also reduces in-sector CO2 emissions by up to 15% when compared to conventional marine fuels.

“We are proud that approximately 60 percent of our 30-ship fleet will be powered by lower emission, methanol-fuel technology upon delivery of this latest order,” said Paul Hexter, President, Waterfront Shipping Ltd. “Having operated methanol-fuelled vessels for over four years now, we know that methanol is a practical, cost-competitive and safe marine fuel for the commercial shipping industry in the post-IMO 2020 marketplace. We are excited to be expanding our methanol-fuelled fleet with these new vessels that benefit from the latest technological advances to optimize engine efficiency and performance.”

The eight, 49,999 deadweight tonne vessels will be built in South Korea at Hyundai Mipo Dockyard and delivered to WFS between 2021 and 2023. Designed with the MAN second-generation B&W ME-LGIM two-stroke dual-fuel engines, the vessels can run on methanol or traditional marine fuels allowing for fuel flexibility. In addition, methanol can be produced from renewable sources offering a pathway to meet the IMO’s decarbonization goals without further investment or compatability issues with the current dual-fuel engine technology.