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Vancouver, British Columbia-based Waterfront Shipping has placed an order for eight new methanol-fueled tankers to be built at Hyundai Mipo Dockyard in South Korea.
The use of methanol fuel has been found to reduced in-sector CO2 emissions by up to 15% when compared to conventional marine fuels. It also complies with existing low sulphur fuel regulations and meets IMO Tier III NOx emissions standards.
The vessels will join Waterfront’s existing fleet of 11 methanol-powered ships ranging in size from 3,000 to 50,000 deadweight tonnes, making the company the world leader in methanol-powered ships. Waterfront Shipping Company is a wholly-owned subsidiary of Methanex Corporation.
Methanol is one of the world’s most widely traded chemicals and is readily available at most of the world’s top ports. As a liquid fuel, existing bunkering infrastructure for traditional marine fuels can easily be converted to use methanol, helping grow the global demand for the fuel, according to Methanex. Methanol can also be produced from renewable sources offering a pathway to meet the IMO’s decarbonization goals without further investment or compatibility issues with current dual-fuel engine technology.
“We are proud that approximately 60 percent of our 30-ship fleet will be powered by lower emission, methanol-fuel technology upon delivery of this latest order,” said Paul Hexter, President, Waterfront Shipping Ltd. “Having operated methanol-fuelled vessels for over four years now, we know that methanol is a practical, cost-competitive and safe marine fuel for the commercial shipping industry in the post-IMO 2020 marketplace. We are excited to be expanding our methanol-fuelled fleet with these new vessels that benefit from the latest technological advances to optimize engine efficiency and performance.”
The eight, 49,999 deadweight tonne vessels will be built in South Korea at Hyundai Mipo Dockyard and delivered to WFS between 2021 and 2023. The vessels are designed with MAN second-generation B&W ME-LGIM two-stroke dual-fuel engines that can run on methanol or traditional marine fuels.
The vessels are being developed in partnership with Marinvest/Skagerack Invest (Marinvest), Nippon Yusen Kaisha (NYK), Meiji Shipping Co., Ltd. (Meiji Shipping), KSS Line Ltd. and Mitsui O.S.K. Lines.
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