Japan’s NYK has received a JPY2bn ($18m) loan from Taiyo Life Insurance Company to exclusively finance the construction of its first methanol-fuelled chemical tanker.
The use of methanol as a marine fuel has not yet widespread interest amongst the global shipping community seeking alternatives to high-sulphur fuel, as its use as a clean fuel is overshadowed by commonly known scrubbers, low-sulphur fuel oil and LNG.
An ISO standard is to be developed for methanol as a marine fuel as owners look to a variety of alrenatives to meet the International Maritime Organization's (IMO) 2020 0.5% sulphur cap.
Waterfront Shipping Co (WFS) has partnered with four other shipowners to order four 49,000 dwt vessels from Hyundai Mipo Dockyard (HMD) which can run on Methanol.
With less than three years away from the IMO Marpol Annex VI global 0.5% fuel sulphur rule, shipowners and operators are increasingly pressed for time to decide on which option they would choose to comply with the emissions reduction regulation.
The use of methanol to propel ships is a serious alternative to the present industry norm of burning high-sulphur bunker fuel, according to Erik Lewenhaupt, head of sustainability at Stena Line Group.
As the shipping explores green fueling options SMM 2016 will have an entire hall dedicated to alternative marine propulsion.
MAN Diesel & Turbo has run successful tests of a new liquid-gas-injection engine, the ME-LGI, set for installation on a newbuild Mitsui OSK Lines (MOL) methanol carrier series.