Methanol bunkers: future fuel choice. File Image / Pixabay.
Bunker fuel and commodity price-reporting agency SP Global Platts is to publish daily price assessments for the alternative bunker fuel from the start of next week.
While take up of methanol as bunker fuel in the shipping sector is low, the move, announced last month, is in line with increasing interest in the fuel, the agency said in a recent article.
A dozen deep-sea going ships use methanol bunkers and at least the same number are expected to enter service over the next year and a half, according to the article.
Japanese shipping firm NYK Line is to embrace methanol among other alternative bunker fuels in a deal signed with BP last week.
However, the fuel lags behind liquified natural gas. According to a Platts forecast, methanol-fuelled ships would be under 1% of the global fleet in 2030. In the same year, LNG dual-fuel ships would be 440 against 79 methanol-fueled vessels, the forecast said.
The initiative will start by publishing European prices but that may extend to Asia and the Americas.