Denmark’s future fuels group Green Marine is forming two new joint ventures to manage methanol-fuelled ships.

The company has teamed up with manager Dockendale Ship Management in Dubai and Stamford Shipping’s Stamford Ship Management in Singapore.

The Dubai company is called Dockendale Green Marine Ship Management, offering crewing and technical management.

Green Marine claims this is the first operation in the world to focus exclusively on the new generation of methanol vessels.

Dockendale chief executive Vikrant Gusain will run the venture, with Green Marine CEO Morten Jacobsen as chief operating officer.

Fredrik Stubner has been appointed chief technology officer, with Michael Herb as finance chief.

Gusain said: “Our shared vision with Green Marine aims to propel methanol dual-fuel ships, fostering the decarbonisation of the maritime industry. This venture underscores our commitment to building a more sustainable future for shipping.”

The partners believe the move is a “significant leap” towards setting new standards in environmentally responsible shipping.

Gusain was until seven months ago general manager of Fleet Management in the United Arab Emirates.

He has also worked for Trasnav Ship Management and Univan.

Green Marine also said it was working with Stamford Ship Management in Singapore to build and manage, both commercially and technically, methanol dual-fuel ships across various sectors.

New orders being worked on

Jacobsen, who founded Green Marine, said: “We have identified Singapore as the ideal location for anchoring our methanol shipowning 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, the founder of Stamford Shipping, said: “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,” he added.

The companies will work closely with the Singapore Maritime and Port Authority (MPA).

MPA CEO Teo Eng Dih said there is potential for low-emission methanol to play a role in shipping’s energy transition, especially when produced from biogenic or renewable sources.

“This will support the maritime decarbonisation efforts and add to Singapore’s multi-fuel bunkering capability,” he added.

Stamford Shipping was formed in 2016 and owns a fleet of eight vessels, including an aframax tanker and two ultramax bulkers.

Green Marine is headquartered in Copenhagen, with subsidiaries in Singapore, Gothenburg, Geneva and Manila.

The company has over a decade of experience in designing, constructing and operating methanol dual-fuel tankers.