Waterfront Shipping Company Ltd. (WFS), a wholly-owned subsidiary
of Methanex Corporation, is pleased to announce the addition of
eight new methanol dual-fuel vessels to its fleet. These vessels
are part of the company’s fleet renewal program which continually
replaces older vessels with newer more efficient ones strengthening
its commitment to safe, responsible and reliable transport of
cargo.
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, Ltd. (MOL), these
vessels will add to WFS’s existing fleet of 11 methanol-fuelled
ships, which have been recognized by the marine industry for their
use of clean-burning methanol as a lower emission fuel. Having
surpassed more than 90,000 combined operating hours, the vessels
have proven methanol as a viable marine fuel solution; it’s
compliant with the most stringent emissions regulations without the
need for exhaust gas after-treatment and meets IMO Tier III NOx
emissions standards. As a marine fuel, methanol also reduces
in-sector CO2 emissions by up to 15% when compared to conventional
marine fuels.
“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. Designed with the MAN second-generation B&W
ME-LGIM two-stroke dual-fuel engines, the vessels can run on
methanol or traditional marine fuels allowing for fuel flexibility.
In addition, methanol can be produced from renewable sources
offering a pathway to meet the IMO’s decarbonization goals without
further investment or compatability issues with the current
dual-fuel engine technology.
Marinvest’s
Chairman, Patrik
Mossberg added, “Our first two methanol-powered
ships were delivered in 2016, with an additional two delivered in
2019. We’ve had exceptional performance from the vessels during
their time in operation—both in reliability and efficiency when
running on methanol. As ship owners, it is important that we, at
Marinvest, spread awareness across the industry of the success of
methanol as a simple to adopt, cost-competitive, future-proofed
marine fuel.”Methanol is one of the world’s most widely traded
chemicals and is readily available at almost 90 of the top 100
ports worldwide. As a liquid fuel, established bunkering
infrastructure for traditional marine fuels can easily be converted
to use methanol. According to the IMO, “methanol is estimated as
the fourth most significant marine fuel used and is growing.”
Waterfront Shipping’s addition of new methanol-fuelled vessels will
support this growing global demand.
“MAN developed the ME-LGI engine concept in response to interest
from the shipping world to operate on alternatives to heavy fuel
oil,” said Thomas S Hansen, Head of Two-Stroke Promotion
& Customer Support at MAN Energy
Solutions. “The ME-LGIM dual-fuel engine
operates on methanol, heavy fuel oil (HFO), marine diesel oil (MDO)
or marine gas oil (MGO). When operating on methanol, the engine
uses HFO, MDO or MGO as a pilot fuel, significantly reducing
emissions of NOx , SOx, CO2 and PM. Any operational switch between
methanol and other fuels is seamless.”
About Waterfront ShippingWaterfront Shipping, a
wholly-owned subsidiary of Methanex Corporation, is a global marine
transportation company specializing in the safe, responsible and
reliable transport of bulk chemicals and clean petroleum products
to major international markets in North America, Asia Pacific,
Europe and Latin America. Waterfront Shipping operates the world's
largest methanol ocean tanker fleet with its fleet comprising
vessels from 3,000 to 50,000 deadweight tonnes. Its fleet of 30
modern, deep sea tankers forms a seamless transportation network
dedicated to keeping an uninterrupted flow of methanol moving to
storage terminals and customers' plant sites around the world. For
more information, please visit www.wfs-cl.com/.About
Methanex CorporationMethanex is a Vancouver-based,
publicly-traded company and is the world's largest producer and
supplier of methanol to major international markets. Methanex
shares are listed for trading on the Toronto Stock Exchange in
Canada under the trading symbol "MX" and on the NASDAQ Global
Market in the United States under the trading symbol "MEOH”.
Methanex can be visited online at www.methanex.com.
About MAN Energy Solutions MAN Energy Solutions
enables its customers to achieve sustainable value creation in the
transition towards a carbon-neutral future. Addressing tomorrow’s
challenges within the marine, energy and industrial sectors, we
improve efficiency and performance at a systemic level. Leading the
way in advanced engineering for more than 250 years, we provide a
unique portfolio of technologies. Headquartered in Germany, MAN
Energy Solutions employs some 14,000 people at over 120 sites
globally. www.man-es.com
About
Marinvest/Skagerack
InvestMarinvest is a private shipping and
investment group, part owners and managers of product and chemical
tankers. Holdings include investments in tankers of about 80,000
dwt, chemical tankers between 20,000 to 50,000 dwt, a developing
coastal shipping company and real estate. For more information,
please visit www.marinvest.se.
About Nippon Yusen Kaisha
(NYK) Nippon Yusen Kabushiki Kaisha (NYK) was founded in
1885 and is one of the world's leading transportation companies. At
the end of March 2020, the NYK Group was operating 784 major ocean
vessels, as well as fleets of planes and trucks. The NYK Group is
based in Tokyo, employs about 35,000 people worldwide, and has
regional headquarters in London, New York / New Jersey, Singapore,
and Shanghai. In accordance with its medium-term management plan
“Staying Ahead 2022 with Digitalization and Green”, the company is
promoting digitalization and green initiatives in an effort to
optimize the overall supply chain and create new value in the
environmental field while working to strengthen the group’s ability
to ensure stable revenue and withstand business downturns — thus
realizing the company’s basic philosophy of “Bringing value to
life” and contributing to the betterment of societies.For more
information, please visit www.nyk.com/english/group.
About Meiji Shipping Co.
Ltd.Meiji Shipping Co., Ltd. and its group companies are
one of the largest pure tonnage providers in Japan, founded in
1911. The companies own more than 60 vessels to cover a lot of
ground such as VLCC, Aframax, LR/MR, Chemical Tanker,
mega-container ships, PCTC, VLGC, LNGC and various size of bulk
carriers with all of them are technically managed by its in-house
ship manager “MMS” and locate offices not only in Japan, but also
in Singapore, the Netherlands, India and Philippines to provide
successive service to customers. For more information please visit
www.meiji-group.com
About Mitsui O.S.K. Lines, Ltd.Mitsui O.S.K.
Lines, Ltd., founded in 1884, is one of the top shipping companies
headquartered in Tokyo, Japan. The company operates more than 900
vessels, from containerships to tramp vessels and specialized
carriers for cargoes including automobiles, iron ore, coal, wood
chips, crude oil, liquefied natural gas (LNG) and chemicals. For
more information, please visit www.mol.co.jp/en
About KSS Line Ltd.KSS Line Ltd. is a
Korea-based shipping company founded in 1969. The Company mainly
transports petrochemical products, gas and chemical cargoes,
including liquefied petroleum gas (LPG), liquefied natural gas
(LNG), ammonia gas, methanol, naphtha, BTX, base oil and others.
For more information, please visit www.kssline.com
For further information, contact:
Investor InquiriesKim Campbell, Director,
Investor Relations+1-604 661 2600 or Toll Free: 1 800 661
8851Media Inquiries
Nina Ng, Manager, Global Communications +1-604 661 2600 or Toll
Free: 1 800 661 8851
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c1cabe21-54e2-4ea3-a9b3-a902beaa07ae
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