Clean Sea Transport Acquires Marinvest’s Fleet of Methanol-Fueled and Ice Class Tankers

Clean Sea Transport, the joint venture between MSEA Group, Arkview Capital, and Scorpio Tankers (NYSE:STNG), has acquired 100% interest in Marinvest’s fleet of methanol-fueled tankers, along with four ice class tankers, as it looks to promote clean fuels in the shipping sector.

Marinvest’s managed fleet consists of five dual-fuel methanol tankers on long term charters of up to 15 years to its joint venture partner, Waterfront Shipping, along with four LR1 ice class 1A product tankers. Waterfront Shipping is a subsidiary of Methanex Corporation, the world’s largest producer of methanol.

“We are very excited about the acquisition of Marinvest, the world’s pioneer in building and operating eco-friendly methanol-fueled vessels,” said Modi Mano, Founder & CEO of MSEA Group. “We believe that methanol, which reduces emissions by up to 95%, is a marine fuel for the future as evidenced by the increasing number of orders placed for methanol dual-fuel vessels. Together with the Marinvest team, we intend to be at the forefront of the shipping industry’s transition to clean fuels. Our platform will offer charterers and customers access to future-proof tonnage in the tanker, container, and dry bulk segments. The inclusion of four LR1 product tankers in the fleet underpins our counter cyclical tanker investment strategy.”

Based in Gothenburg, Sweden, Marinvest is a shipping company founded in 1988 by Lars Mossberg, who developed and managed one of the world’s first methanol-powered commercial vessels, helping to validate methanol as a clean, safe, and future proof marine fuel capable of meeting the industry’s increasingly stringent emissions standards.

“Shipping continues to be an important part of the global supply chain infrastructure, responsible for transporting over 80% of goods worldwide,” stated Pavel Chernyshov, Co-founder of Arkview Capital. “Our investment in Marinvest will promote the use of clean fuels to significantly reduce the emissions footprint of the shipping industry and key customers. With only a fraction of the ocean-going fleet using clean fuels today, we believe there is a great opportunity for growth to meet the industry’s goal of significantly reducing emissions by 2050.”

“We take great pride in what we, together with our partners Waterfront Shipping, have achieved in terms of building the world’s first methanol dual-fuel fleet. Since we took delivery of our first two dual-fuel methanol ships in 2016, we have expanded the fleet to a total of five vessels and continue to be a leading expert and operator using this technology. The sale to Clean Sea Transport will ensure sufficient capital backing to grow our methanol-fueled fleet using our competence and expertise, while servicing new and existing customers,” says Patrik Mossberg, CEO of Marinvest.

Waterfront Shipping’s operates the world’s largest methanol ocean tanker fleet, comprising of vessels ranging from 3,000 to 50,000 deadweight tonnes. The company operates 30 ships in total, including 19 methanol-fuelled ships.

“In partnership with Marinvest, we have been successfully operating methanol dual-fuel vessels for five years now demonstrating methanol as a viable, low-emissions alternative marine fuel for the shipping industry,” said Paul Hexter, President of Waterfront Shipping. “As society transitions to a low-carbon economy, we look forward to collaborating with Clean Sea Transport to continue to prioritize innovation in methanol marine fuel vessels for our growing fleet.”