World News
HyOrc Targets Bunker Demand with Green Methanol Plants in Portugal and UK
US-based hydrogen firm HyOrc has announced a new green methanol project in Portugal, expanding on its earlier plans for a similar facility in the UK.
The two plants form part of HyOrc's strategy to create a low-carbon fuel supply network for the maritime and industrial sectors in Europe, it said in a press release on Tuesday.
HyOrc has signed a memorandum of understanding with Portugal-based gas company Start Lda to develop a 25,000 mt/year green methanol facility in Porto, Portugal.
This adds to its previously announced partnership with Acetech Metals to build a 13,000 mt/year methanol plant in Scunthorpe, UK.
With a combined production capacity of 38,000 mt/year, the company aims to cater to future demand from the shipping sector.
The global methanol-fuelled fleet is currently made up of 66 ships, with another 369 expected to join the fleet by 2030, according to classification society DNV data. As more ships join the global fleet, demand for cleaner methanol variants, such as e-methanol and green methanol, is expected to grow.
"We are systematically identifying the right locations to anchor a scalable supply chain for green fuels that can serve maritime, industrial, and transport applications for decades to come," Andrea Magalini, director of business development of HyOrc, said.
HyOrc has not shared details regarding when these plants will be operational.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 535.50 | 6.50 | 688.50 | 4.50 |
| Rotterdam | 527.50 | 8.00 | 722.50 | 30.00 |
| Houston | 500.00 | 1.50 | 704.50 | 11.50 |
| Fujairah | 523.50 | 3.00 | 745.50 | 13.00 |
| Global 20 Ports Average | 559.50 | 4.00 | 787.00 | 12.50 |
| Global 4 Ports Average | 521.50 | 4.00 | 715.50 | 15.00 |
| Global Average Bunker Price | 595.00 | 4.50 | 823.00 | 3.50 |
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