Asia/Pacific News
COSCO Shipping Seeks to Secure Green Methanol Bunker Supply
China-based COSCO Shipping is seeking to lock in bunker supply for its new methanol-fuelled ships.
The firm has signed a memorandum of understanding with State Power Investment Corporation, Shanghai International Port Group and China Certification & Inspection Group seeking to set up a green methanol supply chain, it said in a LinkedIn post on Thursday.
The companies will aim to cooperate on the production, transportation, refuelling and certification of green methanol bunkers.
COSCO has recently ordered 12 24,000 TEU boxships capable of running on methanol.
"Establishing a green methanol industrial chain is not only necessary for shipping companies to align with the new trend of green, low-carbon, and intelligent shipping, but also to offer customers sustainable and eco-friendly global supply chain logistics services," the company said in the post.
"Moreover, it serves as a significant initiative to develop green and low-carbon industries and drive the transformation and advancement of the industry towards high-quality development."
Methanol is rapidly gaining in popularity as an alternative marine fuel, with orders of methanol-fuelled tonnage now coming in regularly from a variety of shipping segments. The main challenge for this market will be the scaling-up of green methanol supply in time to meet the needs of the new ships as they are delivered.
