EMEA News
Port of Riga Explores Green Methanol Bunkering
The Port of Riga in Latvia is exploring plans for a green methanol production facility and bunkering hub following an agreement with two companies.
The Freeport of Riga Authority signed a memorandum of understanding (MoU) with South Korean company ECOMETHANOL and Latvian firm AE Risinājumi to develop the project, the Port of Riga said in an announcement on Wednesday.
The proposed facility would produce green methanol for export and use as a marine fuel.
The partners will also explore the development of a green fuel supply and bunkering hub at the port.
The initiative could support vessels operating between Europe and Asia via the Northern Sea Route.
Methanol is seen as one of the more practical alternative fuels because it can be handled using relatively familiar infrastructure compared with some other emerging marine fuels.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 937.00 | 3.50 | 1341.00 | 12.50 |
| Rotterdam | 763.00 | 6.00 | 1434.50 | 5.50 |
| Houston | 805.50 | 16.00 | 1422.00 | 15.00 |
| Fujairah | 969.00 | 0.50 | 1751.00 | 7.50 |
| EMEA Average | 903.50 | 3.00 | 1719.00 | 11.00 |
| Global 20 Ports Average | 919.00 | 1.00 | 1552.00 | 6.00 |
| Global 4 Ports Average | 868.50 | 6.00 | 1487.00 | 6.50 |
| Global Average Bunker Price | 958.50 | 5.00 | 1598.00 | 19.50 |
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