World News
Pacific Basin Opts for Methanol Propulsion for First Zero-Emission Bulkers
Dry bulk shipping firm Pacific Basin has decided that methanol propulsion will be the best choice for its first generation of zero-emission vessels.
After working with Nihon Shipyard Co and Mitsui & Co since May on a feasibility study on the range of green bunker technologies, the firm has concluded that methanol is its best option for now, it said in a statement on its website on Thursday.
The company also believes that biofuels will play a role in shipping's decarbonisation, and that ammonia will become an important marine fuel 'once technical and safety challenges are adequately addressed', it said.
In August the company said it was putting new vessel orders on hold until it had further clarity on the alternative bunker fuel landscape.
"Drawing on the collective expertise of our partners, we are confident that methanol is currently the most suitable future fuel for Handysize and Supramax bulk carriers, and we believe the infrastructure to produce and distribute green methanol is coming," Martin Fruergaard, CEO of Pacific Basin, said in the statement.
"We are now embarking on the next stage of our decarbonisation project, which is to develop a highly efficient ship design around which we plan to contract our first generation of dual-fuel zero-emission newbuildings, again in collaboration with our Japanese partners.
"We want to be at the forefront of our segment's transition to zero-emission vessels which should enable us to meet our target of zero emissions by 2050.
"Through our example, we hope to help accelerate the transition and make zero-emission vessels the default choice in the dry bulk sector by 2030."
Container line AP Moller-Maersk was the biggest early backer of methanol as an alternative marine fuel, and has boosted the market's prospects by signing production deals for the green methanol needed by its first carbon-neutral ships.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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