Mitsui OSK Lines (MOL) has agreed to acquire a 40% stake in Methanex Corp’s Waterfront Shipping (WFS) for $145m.
The Japanese shipowner said the transaction will “establish a strategic partnership” between the three companies, which will enable Methanex and WFS to benefit from MOL’s broad shipping experience to “further strengthen its ... shipping operations and capabilities”.
“There will be no change to Waterfront Shipping’s day-to-day operations due to this transaction, and Paul Hexter will remain president,” MOL said.
The strategic partnership strengthens a relationship established over 30 years between Methanex, WFS and MOL who, in 2016 in conjunction with other key partners, jointly built the first oceangoing dual-fuel vessel capable of running on methanol.
“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 commercialisation of methanol, including renewable methanol, as a viable marine fuel,” MOL said.
Methanol is a safe, proven and cost-competitive marine fuel for the commercial shipping industry that can meet current and future emissions regulations, according to the Japanese shipowner.
“Methanol as a marine fuel can reduce sulphur oxides [SOx] by up to 99%, particulate matter [PM] emissions by up to 95% and nitrogen oxides [NOx] by up to 80% compared to conventional marine fuels," MOL said. "As a marine fuel, methanol also reduces CO2 emissions during combustion by up to 15%.
“Methanol produced from renewable sources can reduce CO2 emissions by up to 95% compared to conventional marine fuels, providing a pathway to meet the International Maritime Organization’s decarbonisation goals without further investment or compatibility issues with the current dual-fuel engine technology.”
MOL president Takeshi Hashimoto said the transaction is consistent with MOL’s environmental vision with regards to its “active involvement in methanol-fuelled ships as one of the measures for adopting clean alternative fuels”.
WFS operates the world's largest methanol tanker fleets, with a fleet of around 30 tankers comprising of vessels from 3,000 dwt to 50,000 dwt.
