Sumary of MOL partners with Methanex to develop methanol market:
- MOL President Takeshi Hashimoto said MOL is pleased to partner and deepen their long-standing relationship with Methanex, the leader in the methanol industry to promote the use of methanol, including renewable methanol, as a viable marine fuel.
- WFS is a global marine transportation company that operates the world’s largest methanol ocean tanker fleet.
- Hashimoto said the transaction is consistent with MOL’s environmental vision 2.1, regarding the active involvement in methanol-fueled ships or adopting clean alternative fuels.
- MOL is one of the world’s largest shipping companies with a fleet of approximately 800 vessels.
- “With Methanex as the world-leading methanol producer, WFS as the world’s leading methanol shipper, and MOL’s vast shipping experience, the parties intend to advance the commercialization of methanol, including renewable methanol, as a viable marine fuel,” MOL said.
- Methanol is a safe, proven, cost-competitive marine fuel for the commercial shipping industry that can meet current and future emissions regulations.
- Methanol produced from renewable sources can reduce CO2 emissions by up to 95 percent compared to conventional marine fuels.
- It provides a pathway to meet the International Maritime Organization’s (IMO) decarbonization goals without further investment or compatibility issues with the current dual-fuel engine technology.