Bunker Holding Signs Green Methanol Supply Deal

Bunker Holding is the world's largest marine fuels firm by sales volumes. Image Credit: Bunker Holding

Marine fuels group Bunker Holding has signed a deal securing green methanol supply at the ports where it has physical operations.

The firm has signed an agreement with renewable fuels company SyntexNRG Inc to develop and produce renewable methanol at the ports where Bunker Holding has physical supply operations around the world, it said in a statement on its website on Tuesday.

"Bunker Holding recognizes methanol as one of the most ready-to-transition future fuels for the industry," Carlos Torres, global head of methanol and strategic partnerships at Bunker Holding, said in the statement.

"With the transition to low-carbon marine fuels, we see our role evolving to better serve our customers’ needs in the future.

"One of the key roles that we would play in this low-carbon world, is enabling the entrance of new producers of the new fuels and providing a valuable way to aggregate supply from multiple sources and geographies and marry that supply with our customers’ demand around the world.

"We view our relationship with SyntexNRG as very valuable and strategic to enable that new and evolving position for us in the industry."

The company told Ship & Bunker about its intentions to join the methanol bunker market in November, having participated in two tenders launched by shipping companies seeking green methanol deals.

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.