World News
Pacific Basin Signs Green Methanol Supply MOU With Towngas
Pacific Basin Shipping has signed a deal with energy firm Towngas setting out a framework for securing supply of green methanol for its ships.
The MOU establishes a framework for cooperation between the two firms towards formalising a green methanol supply agreement, Pacific Basin said in a statement on its website on Wednesday.
Pacific Basin operates more than 260 ships, and plans for green fuels to make up more than 5% of its fuel mix by 2030.
"Our collaboration with Towngas marks a significant step forward in our efforts to enhance our priority access to increasing and eventually very large volumes of green fuels that ships will need to comply with FuelEU Maritime and International Maritime Organization’s Global Fuel Standard," Martin Fruergaard, CEO of Pacific Basin, said in the statement.
"Green methanol in particular will support our dual-fuel low-emission vessels (LEVs), which will enjoy the flexibility to switch between conventional fuel oil, sustainable biofuel and green methanol according to the prevailing economics, and the reward provision of IMO’s planned Global Fuel Standard should support the business case for early adoption of LEVs and zero- or near-zero emission fuels."
Towngas plans to increase green methanol production capacity at its Inner Mongolia facility by 50,000 mt/year to 150,000 mt/year by the end of 2025.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 530.00 | 40.50 | 663.00 | 52.50 |
| Rotterdam | 489.00 | 43.00 | 664.00 | 75.00 |
| Houston | 511.00 | 35.50 | 691.00 | 49.00 |
| Fujairah | 518.00 | 42.00 | 729.00 | 48.00 |
| Global 20 Ports Average | 562.50 | 25.50 | 769.00 | 36.00 |
| Global 4 Ports Average | 512.00 | 40.00 | 686.50 | 56.50 |
| Global Average Bunker Price | 603.00 | 16.00 | 812.50 | 23.00 |
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