Hong Kong-listed dry bulk owner Pacific Basin signed a memorandum of understanding with The Hong Kong and China Gas Company Limited (Towngas) to enhance the company’s access to volumes of green methanol marine fuel.
The deal establishes a framework for cooperation between Pacific Basin and Towngas for formalising a supply agreement under which Towngas will supply Pacific Basin with green methanol certified under ISCC EU, ISCC PLUS and/or other international standards required for the purpose of complying with global and regional maritime decarbonisation regulations.
Pacific Basin claims that green methanol will become an increasingly important part of its fuel mix as the company grows its fleet of dual-fuel vessels and decarbonises its operations to comply with the maritime decarbonisation regulations.
Currently, the company operates over 260 dry bulk ships of which 108 are owned and the rest chartered. Its fleet growth commitments include an order for four dual-fuel ultramax vessels being built in Japan and scheduled to be delivered in 2028 and 2029.
“Our collaboration with Towngas marks a significant step forward in our efforts to enhance our priority access to increasing and eventually very large volumes of green fuels that ships will need to comply with FuelEU Maritime and International Maritime Organization’s Global Fuel Standard,” said Martin Fruergaard, chief executive officer of Pacific Basin.
“Our arrangement with Towngas also represents a major milestone in our long-term plan for green fuels to make up 5% of our fuel mix by 2030 and for our fleet to achieve net zero emissions by 2050,” Fruergaard added.
