COSCO Shipping Holdings orders 12 methanol dual fuelled 24,000 TEU newbuilds

COSCO Shipping Holdings Co., Ltd on Friday (28 October) said it will order 12 methanol dual-fuel container ships. 

The 12 vessels will have a nominal capacity of approx. 24,000 TEU and the total cost for the newbuildings is about USD 2.9 billion. 

The firm said the shipbuilding project is a new way for it to actively meet the needs of future competition, actively respond to the green and low-carbon initiatives of global customers, conform to the new development trend of green and promote the construction of a clean fuel fleet. 

“The 12 container ships ordered this time all adopt advanced green methanol dual-fuel technology, and integrate mainstream advanced concepts in the design and construction, and integrate many energy-saving and emission-reduction technologies. The company provides customers with green and low-carbon logistics solutions. The whole chain solution is an important support to meet the environmental protection needs of customers,” it said. 

COSCO Shipping Holdings said methanol has shown to be easy to store, has a low operation and maintenance costs, experiences low price fluctuations in the market, and the green methanol supply chain is continuously being established and improved. 

“Standing out from many other new energy fuel options, it has become the company’s first fuel choice for the construction of new energy container fleets,” it said. 

Chris Chatterton, COO of The Methanol Institute industry group, said: “This announcement is another endorsement of methanol’s credentials as an alternative marine fuel that shipowners can adopt today and start lowering their carbon emissions.”

“We applaud Cosco’s investment decision which signals a clear intent to embrace a cleaner future for shipping, using a fuel that is safe, practical and available to support the industry’s future fuel journey.”

Photo credit: COSCO Shipping Holdings
Published: 31 October, 2022