Methanol propulsion specialist Green Marine based in Copenhagen and Singapore-based ship owning, commercial and investment management group Stamford Ship Management, have formed a joint venture in Singapore with a mission to build and manage, both commercially and technically, methanol dual fuel propulsion vessels across multiple market segments.
Two prominent companies have joined forces to develop investment opportunities in methanol powered ships.
The duo said the technologies to use methanol as marine fuel are available now.
“Methanol is tried and tested, delivering an immediate economic solution to reduce CO2 and NOx emissions, and to virtually eliminate SOx and particulate matters emissions. The development of methanol propulsion engines provides an excellent opportunity to invest in commercially viable sustainable shipping,” they said in a joint statement.
Morten Jacobsen, Founder, Green Marine, said, “We have identified Singapore as the ideal location for anchoring our methanol ship owning and ship management platform. Together with Stamford, we are already developing several newbuilding projects and we are excited as Green Marine further diversifies across the marine methanol spectrum.”
Oliver van der Wyck, Founder, Stamford Shipping, noted, “This joint venture is one example of Stamford’s commitment to Singapore based sustainable shipping and to be a leader in emissions management and reduction. Stamford’s commercial and fund management expertise combined with Green Marine’s unparalleled methanol knowledge will put us in a unique position to develop methanol powered shipping projects beneficial to all stakeholders.”
Teo Eng Dih, Chief Executive, Maritime and Port Authority of Singapore, said, “The Maritime and Port Authority of Singapore welcomes Stamford Shipping and Green Marine’s joint venture in Singapore which will create investment opportunities and manage methanol-related propulsion vessels. There is potential for low-emission methanol to play a role especially when produced from biogenic or renewable sources.”
“This will support the maritime decarbonisation efforts and add to Singapore’s multi-fuel bunkering capability. We look forward to working closely with Stamford Shipping and Green Marine and their new joint venture.”
Chris Chatterton, Chief Commercial Officer, The Methanol Institute, said, “This joint venture recognises that methanol has achieved a high level of market acceptance among shipowners and operators who can draw on technical and operational expertise to support their investments in sustainable shipping. The Methanol Institute will continue to support our members and all parties who wish to engage in the decarbonization process and understand what Methanol can bring to them.”
