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JP Morgan adding methanol-ready vessels pair to fleet

JP Morgan has contracted Norway-based Ulstein Verft to deliver two methanol-ready commissioning service operation vessels (CSOVs).

Michele Labrut, Americas Correspondent

January 9, 2024

1 Min Read
Ulstein Verft CSOVs
Image: Ulstein Verft

In July 2023, Bernhard Schulte Offshore ordered the design and construction of two CSOVs from Ulstein, a contract that included options for two + two vessels. These options have been transferred to institutional investors advised by JP Morgan Asset Management, who declared the first two.

“These latest technology Construction Service Operation Vessels (CSOVs) will play a critical role in the development and delivery of renewable energy and global energy decarbonisation,” said Andrian Dacy, Global Head of JP Morgan Asset Management’s Global Transportation Group.

The CSOVs will be equipped with a hybrid battery propulsion system and prepared for green methanol fuel to enable carbon-neutral operations.

The CSOVs, measuring 89.6 metres in length with a beam of 19.2 metres, are of the ULSTEIN SX222 design and will utilise the company’s TWIN X-STERN design, featuring two sterns and main propellers located at both fore and aft.

About the Author

Michele Labrut

Americas Correspondent

Michèle Labrut is a long-time Panama resident, a journalist and correspondent, and has continuously covered the maritime sector of Central & Latin America.

Michèle first came to Panama as a press attaché to the French Embassy and then returned to the isthmus as a foreign correspondent in the 1980s.

Author of Seatrade Maritime's annual Panama Maritime Review magazine and of several books, Michèle also wrote for Time magazine, The Miami Herald, NBC News and the Economist Intelligence Unit. She has also collaborated in making several documentaries for the BBC and European and U.S. television networks.

Michèle's profession necessitates a profound knowledge of the country, but her acumen is not from necessity alone, but a genuine passion for Panama.

In 2012 she was awarded the Order of Merit (Knight grade) by the French Government for her services to international journalism and in 2021 the upgrade to Chevalier grade.

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