The Powerzeek Energy Platform, an online marketplace for clean bunker fuels, now has provisions for methanol transactions alongside LNG and liquefied biogas
Powerzeek said the decision was prompted by a growing number of enquiries from shipowners wanting to know more about methanol as a compliant marine fuel.
The platform said methanol “has been shown to contribute to a reduction in CO2 emissions on a tank-to-wake basis.”
Powerzeek chief executive Dag Lilletvedt said “The positive response to Powerzeek told us there is unmet demand for cleaner fuels in shipping and they need to be easier to buy to support the industry’s transition towards low-carbon operations. Methanol has emerged as a fuel with a future in shipping and we are delighted to add it to the marketplace and expand the range of cleaner products we can offer to buyers.”
The listing of methanol is supported by the trade association Methanol Institute and endorsement from major methanol producers on its Marine Fuels Committee. As one of the world’s most traded chemicals and readily available at top ports worldwide through existing infrastructure, methanol bunkering is considered uncomplicated and has similar bunkering guidelines and safety standards as conventional marine fuels.
In November 2020, IMO’s Maritime Safety Committee adopted interim guidelines on the use of methanol as a marine fuel, enshrining ethyl and methyl alcohols as options for marine fuel. The Methanol Institute believes this will be the catalyst for more ship operators to consider using the fuel as a viable alternative.
Methanol Institute chief operating officer Chris Chatterton said “Methanol’s inclusion on the Powerzeek platform recognises the building demand for methanol as a compliant bunker fuel with significant net carbon neutral credentials and regulatory acceptance. Methanol is seen as a credible and cost-effective way to not only meet, but exceed IMO greenhouse gas emissions reduction thresholds, now and in the future.”
In addition, the first bunkering technical reference for methanol was published in 2020 by Lloyd’s Register and fuel suppliers are gearing up to increase capacity for methanol bunkering volumes.
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