World News
Scorpio Tankers Invests in Methanol-Fuelled Shipping
Shipping company Scorpio Tankers has taken a minority stake in a portfolio of ships designed to both carry methanol as cargo and use it as bunker fuel.
The firm has bought a 6% stake in the portfolio for $7.2 million this month, it said in a statement on its website this week. The portfolio consists of five refined product and methanol tankers designed to run on methanol and four ice-class LR1 product tankers.
Interest is growing in methanol as a marine fuel as the shipping industry considers its alternative bunker options as it seeks to eliminate its carbon emissions. The few ships running on methanol today are using a form of the chemical produced using fossil natural gas -- with no reduction in emissions compared to conventional bunkers -- but green methanol that produces no GHG emissions on a net basis should soon start to become available.
Maersk plans to take delivery of its first zero-carbon vessel, a 2,100 TEU feeder vessel running on green methanol, in mid-2023.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 570.00 | 1.00 | 683.00 | 2.50 |
| Rotterdam | 515.50 | 1.00 | 685.00 | 7.50 |
| Houston | 555.00 | 1.00 | 678.00 | 1.00 |
| Fujairah | 563.00 | 2.00 | 754.50 | 0.50 |
| Global 20 Ports Average | 587.50 | 1.50 | 765.00 | 0.50 |
| Global 4 Ports Average | 551.00 | 1.00 | 700.00 | 1.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 812.50 | 1.00 |
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