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JP Morgan orders two methanol powered tankers backed by TotalEnergies

The US financial institution JP Morgan has placed an order for two advanced dual-fuel methanol carriers with China’s Guangzhou Shipbuilding International (GSI). The methanol carriers, to be delivered in 2026, will be employed on a time charter with France’s energy giant TotalEnergies.

Michele Labrut, Americas Correspondent

September 1, 2023

1 Min Read
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The two methanol powered product tankers each boast a capacity of 50,000 dwt and will cost $50 million each.

The order shows the increasing significance of methanol as component in the ongoing drive for greener shipping practices and growing methanol demand as a marine fuel.

The dual-fuel technology allows the vessels to operate on both methanol and conventional fuels, offering operational flexibility while contributing to a tangible reduction in greenhouse gas emissions.

A similar contract was signed recently by Singapore-based tanker owner and operator Hafnia with GSI. Hafnia has ordered the construction of four 49,800 dwt dual-fuel methanol chemical MR tankers.

All four vessels are fixed via time charter to TotalEnergies shipping entity CSSA for a multi-year period. Three of these four vessels will be delivered in 2025, with the fourth delivered in 2026. 

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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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