World News
AL Group Mulls Converting Ultramax Bulker to Methanol Propulsion
Shipping firm AL Group is considering converting one of its dry bulk carriers to run on methanol.
The company has signed a memorandum of understanding with classification society ABS to study the feasibility of converting an Ultramax bulker to methanol propulsion, ABS said in a statement on its website on Tuesday.
The study will focus on a series of Ultramaxes being built for AL Group at the New Hantong Shipyard in China.
"At AL Group, we continue with unwavering dedication on our journey of sustainability and efforts on decarbonization," Friedrich Bunnemann, managing partner of AL Group, said in the statement.
"This joint development project with ABS allows us to explore actively the adoption of low-carbon fuel options for our future fleet, while fortifying our commitment to environmental stewardship, emissions reduction, and innovation."
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.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 565.50 | 6.00 | 661.50 | 4.00 |
| Rotterdam | 510.00 | 2.00 | 661.00 | 2.00 |
| Houston | 548.00 | 2.50 | 666.50 | 0.50 |
| Fujairah | 555.50 | 5.00 | 746.00 | 2.50 |
| Global 20 Ports Average | 582.50 | 1.50 | 753.00 | 1.50 |
| Global 4 Ports Average | 544.50 | 3.00 | 683.50 | 1.00 |
| Global Average Bunker Price | 631.00 | 2.50 | 803.50 | 2.00 |
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