Maersk Oil Trading, METS, Mitsui and ABS develop methanol bunkering project in Singapore
Mitsui & Co., Ltd. ("Mitsui"), Mitsui & Co, Energy Trading Singapore Pte. Ltd.(“METS”), Maersk Oil Trading, a part of A.P Moller - Maersk (“MOT”) and American Bureau of Shipping (“ABS”) have agreed to jointly conduct a detailed feasibility study of methanol bunkering logistics in Singapore, according to ABS's release.
This joint project is in line with the International Maritime Organization’s (“IMO”) initial strategy to halve greenhouse gas (“GHG”) emissions within the shipping industry by 2050 compared to 2008 levels, which is also aligned with the direction of Maritime and Port Authority of Singapore (“MPA”) to achieve decarbonization of the maritime industry in Singapore. Green methanol is expected to be one of the promising alternative marine fuels that has the potential to make significant contributions to reducing GHG emissions in the shipping industry and project participants strongly believe that the establishment of a safe and reliable operational platform is valuable to Singapore as a leading bunkering location globally.
Through the feasibility study, the project participants intend to investigate the design of the bunkering vessel, safe operating procedures, fuel storage and regulatory considerations by utilizing both MOT and Mitsui group’s strong presence in the Singapore marine fuel market. ABS will support the study by providing an operational risk assessment.
This project is targeting to conduct an actual ship-to-ship bunkering operation to a vessel in the first half of 2023.
The project participants have been engaging with various stakeholders in the maritime industry and aim to successfully complete the project and establish a stable alternative fuel supply chain for maritime decarbonization in Singapore.
