By Jeslyn Lerh and Jacob Gronholt-Pedersen SINGAPORE/COPENHAGEN (Reuters) - Container shippers are ordering vessels powered by methanol to reduce ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Jeslyn Lerh and Jacob Gronholt-Pedersen
Maersk said methanol-powered ships with dual-fuel options cost about 10%-12% more than conventional ships, but the price difference should become insignificant in the longer run once developers achieve economies of scale. Using methanol, produced either from biomass or captured carbon and hydrogen from renewable power, can reduce carbon dioxide emissions from container ships by 60% to 95% compared with conventional fuels, the Methanol Institute said.
Global demand for methanol, typically used in construction and manufacturing, stands at 100 million tonnes per year , while a 16,000-TEU container ship consumes 30,000 to 40,000 tpy, the Methanol Institute said. "We are tracking more than 90 projects globally looking to produce bio-methanol or e-methanol, with total announced anticipated production capacity of 8 million tonnes by 2027," the Methanol Institute's CEO Greg Dolan said, adding that the size of the plants being built has grown to 50,000-250,000 tonnes per year from 4,000-10,000 tonnes previously.
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