World News
HyOrc Reaches Initial Green Methanol Offtake Deal for Possible Marine Use
US-based HyOrc has reached a non-binding commitment for a 10-year green methanol offtake deal with an unnamed European renewable fuels producer, with potential use for shipping.
The commitment may cover the full output from HyOrc’s planned green methanol facility in Portugal, HyOrc Corporation said in a press release on Monday.
Both sides are now working toward a definitive term sheet, which will be needed before any binding contract is finalised.
Earlier this year, HyOrc announced plans to develop a 25,000 mt/year green methanol plant in Porto, Portugal.
The company is also in discussions with energy and shipping companies for potential co-funding, investment and large offtake agreements for a full-scale expansion.
“These firms have confirmed long-term off-take interest for volumes in the millions of tonnes of green methanol per annum, and key strategic partners have expressed intent to invest once the pilot facility is operational,” the firm said.
Shipping firms such as AP Moller Maersk, which operate methanol-fuelled ships, have signed offtake deals to secure e-methanol from producers to run these vessels. Despite these deals, overall methanol bunker uptake has been limited so far.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 433.50 | 3.50 | 655.50 | 11.00 |
| Rotterdam | 402.00 | 1.50 | 635.50 | 3.00 |
| Houston | 427.50 | 4.00 | 629.50 | 4.50 |
| Fujairah | 427.00 | 0.50 | 718.00 | 1.50 |
| Global 20 Ports Average | 466.00 | 3.50 | 744.00 | 1.00 |
| Global 4 Ports Average | 422.50 | 2.50 | 659.50 | 5.00 |
| Global Average Bunker Price | 515.00 | 3.00 | 786.00 | 0.50 |
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