World News
MOL Seeks to Boost Methanol Bunkers With Waterfront Shipping Stake
Japan's Mitsui OSK Lines (MOL) is seeking to boost the progress of methanol as a marine fuel as it takes a 40% stake in methanol freight firm Waterfront Shipping.
MOL is set to take a 40% stake in Waterfront for $145 million, it said in a statement on its website on Friday, with parent company Methanex Corporation retaining the remaining 60%. The deal is subject to regulatory and board approvals, and is expected to be completed by the end of the year.
Waterfront has a fleet of about 30 methanol tankers, including some running on methanol.
"With Methanex as the world-leading methanol producer, WFS as the world's leading methanol shipper, and MOL's vast shipping experience, the parties intend to advance the commercialization of methanol, including renewable methanol, as a viable marine fuel," MOL said in the statement.
Interest in green methanol as an alternative bunker fuel has risen rapidly since the announcement from AP Moller-Maersk in February that its first zero-carbon vessel -- now due for delivery in mid-2023 -- would run on methanol. A large shipping company like MOL taking on the fuel for some of its future fleet would be likely to raise its status further in the industry.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 570.00 | 1.00 | 683.00 | 2.50 |
| Rotterdam | 515.50 | 1.00 | 685.00 | 7.50 |
| Houston | 555.00 | 1.00 | 678.00 | 1.00 |
| Fujairah | 563.00 | 2.00 | 754.50 | 0.50 |
| Global 20 Ports Average | 587.50 | 1.50 | 765.00 | 0.50 |
| Global 4 Ports Average | 551.00 | 1.00 | 700.00 | 1.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 812.50 | 1.00 |
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