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Methanol Institute Says 'Enough Methanol Available' Ahead of IMO Vote
The Methanol Institute (MI) has urged the IMO to adopt its agreed Net-Zero Framework, stating that sufficient methanol is already available to power the dual-fuel ships currently in operation.
The organisation highlighted that more than 250 methanol projects are currently under development worldwide, with new volumes expected to come online from 2027 to 2028, MI said in a statement released on LinkedIn on Tuesday.
"Methanol producers are ready to deliver," MI said.
MI estimates methanol supply could reach 7-14 million mt/year by 2030.
The group said adopting the framework would provide shipping companies and fuel suppliers with the clarity needed to invest and scale alternative fuels, while failure to act would slow decarbonisation and leave the industry facing fragmented regional rules.
"With the adoption of the Net Zero Framework MI believes IMO's Member States can set the global shipping industry on a fair and effective course to achieve net zero by 2050," MI said.
The Marine Environment Protection Committee (MEPC) will hold its second extraordinary session from October 14 to 17 to decide on the adoption of the Net-Zero Framework.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 488.50 | 6.50 | 689.00 | 11.50 |
| Rotterdam | 454.00 | 4.50 | 679.00 | 7.00 |
| Houston | 483.00 | 7.50 | 680.00 | 14.50 |
| Fujairah | 486.50 | 7.50 | 731.50 | 6.50 |
| Global 20 Ports Average | 518.50 | 4.50 | 768.50 | 5.00 |
| Global 4 Ports Average | 478.00 | 2.50 | 695.00 | 10.00 |
| Global Average Bunker Price | 559.50 | 3.50 | 808.00 | 3.00 |
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