World News
PaxOcean Wins Two Methanol-Ready Vessel Orders from European Owner
Singapore-based ship builder PaxOcean has secured orders for two offshore construction vessels (OCVs) from an undisclosed European shipowner.
Both vessels will be methanol-ready, allowing for future upgrades to run on methanol, the company said on its website.
The vessels are set to be delivered by 2027 and will be capable of handling a diverse range of offshore operations, including subsea construction, ROV support, and inspection, maintenance and repair (IMR) activities.
The shipowner also has an option to order two additional methanol-ready OCVs in the future. If the option is exercised, the total order will increase to four vessels.
PaxOcean, part of the Kuok Group, owns and operates five shipyards across Singapore, China and Indonesia.
Offshore firms, particularly in the offshore wind industry, are gradually turning to alternative-fuelled vessels as regulations tighten and the push for decarbonisation grows. Methanol is seen as a more viable option, as its engine technology is more mature compared to other alternative fuels like ammonia or hydrogen.
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| VLSFO | MGO | |||
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| $/mt | +/- | $/mt | +/- | |
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| Houston | 570.50 | 3.00 | 712.00 | 6.50 |
| Fujairah | 568.00 | 6.00 | 755.50 | 0.50 |
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| Global 4 Ports Average | 562.00 | 3.50 | 712.50 | 1.00 |
| Global Average Bunker Price | 631.00 | 6.50 | 813.50 | 0.50 |
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