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Maersk-Backed WasteFuel Launches Biomethanol Sales
Biofuel producer WasteFuel, in which shipping giant AP Moller-Maersk invested last year, has launched biomethanol bunker sales.
The company's new service, WasteFuel Marine, will initially focus on producing biomethanol for container ships, it said in an emailed statement on Thursday.
The firm is targeting a reduction of 95% in CO2 emissions and up to 80% in NOx for the product.
"Methanol has exceptional appeal as a renewable fuel -- it can use existing logistics infrastructure, works with proven engine designs and has a lower production cost relative to other renewable fuels," Mario De La Ossa, president of WasteFuel, said in the statement.
"Our production process optimizes well established production methods to capture and use greenhouse gases found in our waste streams to produce a safe and highly versatile product to tackle the challenge of decarbonizing logistics."
The company is developing several biorefinery sites around the world.
Last year Maersk made an investment of unknown size into the firm. Maersk has 12 16,000 TEU container ships being delivered in 2024-2025 capable of running on methanol for which it has not yet secured the fuel supply.
Maersk will need 420,000-540,000 mt/year of green methanol to run the new ships.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 645.00 | 2.00 | 767.50 | 11.50 |
| Rotterdam | 600.00 | 8.00 | 751.50 | 13.00 |
| Houston | 627.50 | 9.00 | 796.00 | 11.50 |
| Fujairah | 649.50 | 0.00 | 889.00 | 0.50 |
| Global 20 Ports Average | 665.00 | 0.50 | 864.00 | 6.50 |
| Global 4 Ports Average | 630.50 | 5.00 | 801.00 | 9.00 |
| Global Average Bunker Price | 722.50 | 2.50 | 922.50 | 3.00 |
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Apr 19The firm has chartered the 7,994 DWT barge Margherita to add to the operation, operated by Fratelli Cosulich. -
Apr 18Singapore's authorities are in the process of developing a regulatory framework for a methanol bunkering licence, and plan to call for applications for the licence by the end of this year. -
Apr 19The company is looking for candidates with proven experience in bunker trading and demonstrated leadership experience.