World News
Singapore JV Targets Methanol-fuelled Shipping
Denmark's methanol specialst, Green Marine, and Singapore-based Stamford Shipping have formed a joint-venture to build methanol-powered ships, the companies have said.
The aim of the project is to "build and manage, both commercially and technically, methanol, dual-fuel propulsion vessels across multiple market segments", according to a statement on the former's website.
The work will take place in Singapore.
"The development of methanol propulsion engines provides an opportunity to invest in commerciall viable sustainable shipping", the statement said.
Several new building projects are being developed under the initiative, it added.
Stamford Shipping owns and operates bulkers and tankers and is an investment manager.
Methanol is one among a number of alternatives to oil-derived bunker fuels that are gaining traction in the shipping sector.
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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