South Korea’s Ministry of Oceans and Fisheries and Korea Ocean Business Corporation recently held a launch ceremony in Seoul for a KRW 1 trillion (USD 696 million) infrastructure fund that will be used to support the development of storage facilities for green marine fuels and bunkering vessels. 

Out of the KRW 1 trillion, KRW 600 billion will be invested to build port storage facilities capable of supplying LNG, methanol, and ammonia, and the remaining KRW 400 billion will be invested in constructing four new LNG and ammonia bunkering vessels by 2030. 

The move is expected to meet growing demand for green bunker fuels for domestic vessels and ensure reliable fuel supplies for foreign ships calling at domestic ports.

The ministry also announced that the Ulsan Hyundai Liquid Cargo Terminal Expansion Project was selected as the new fund’s first project to support the demand for methanol bunker fuel for domestic and foreign vessels. The total cost of the project is KRW 240 billion, of which KRW 130 billion will be provided by the infrastructure fund. 

In addition, the government plans to strengthen LNG supply capabilities through the Yeosu Myodo LNG Hub Terminal Project scheduled as the second project to be supported by the fund. 

Minister of Oceans and Fisheries Kang Do-hyung, said: “Through the infrastructure fund, the government will flexibly expand the eco-friendly ship fuel supply infrastructure in line with future demand so that our ports can continue to secure a competitive edge as a global hub port.”

Photo credit: Ministry of Oceans and Fisheries of South Korea
Published: 22 January, 2025

The Hong Kong and China Gas Company Limited (Towngas) on Monday (20 January) said it has signed a memorandum of understanding (M0U) with Singapore accredited bunker supplier Global Energy Trading Pte Ltd (Global Energy) to jointly advance the supply and distribution of green methanol as a marine fuel for the shipping industry.

The strategic collaboration between Towngas and Global Energy integrates production and logistics capabilities to provide end users with a holistic, end-to-end solution at major and regional ports. 

The two parties will leverage complementary strengths to develop comprehensive green methanol supply solutions across Asia.

Mr Sham Man-fai, Chief Operating Officer – Green Fuels & Chemicals of Towngas, said: “This partnership represents a significant milestone in the green transition of maritime fuel supply.”

“By combining Towngas’s strengths in green methanol production with Global Energy’s supply chain management and market operation expertise, we are creating a robust platform to accelerate the shipping industry's decarbonisation journey.” 

Mr Loh Hong-leong, Managing Director of Global Energy, said, “This collaboration is synergy in motion; together we are creating a one-stop bunkering solution to ensure green methanol is more accessible to the maritime industry.”

“Beyond supply, we could offer advisory on compliance and in managing the benefits of using green methanol.”

Towngas' methanol production plant in Ordos, Inner Mongolia

Towngas’s methanol production plant in Ordos, Inner Mongolia, employing proprietary technology to convert biomass and municipal waste into green methanol, is the first enterprise on the Chinese mainland to achieve ISCC EU and ISCC PLUS certifications for green methanol. 

The company has outlined expansion plans to establish additional production bases across China, including in Inner Mongolia, the Greater Bay Area, and Hainan, with the goal of achieving an annual production capacity of 1 million tonnes of green fuel and chemical supplies.

Global Energy, the first company in Singapore to own and operate dedicated bunkering tankers for methanol, has already conducted several methanol bunkering operations in the region. Global Energy delivered over 4.7 million metric tonnes (mt) of marine fuels in 2024. 

Related: Singapore: Global Energy celebrates first methanol marine fuel delivery with IMO type II bunker tanker
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Related: Global Energy Trading selects Bunkerchain e-BDN solution in Singapore

Photo credit: Hong Kong and China Gas Company
Published: 21 January, 2025

Fratelli Cosulich Group on Monday (20 January) said it has placed an order for another methanol-ready chemical bunkering tanker with Taizhou Maple Leaf Shipbuilding.

The 7,999 dwt IMO Type II chemical bunkering tanker is designed to carry fuel oil, biofuels up to B100, and methanol.

“The delivery of this methanol-ready vessel is scheduled for Q4 2026,” it said in a statement. 

With this latest order, the total number of methanol-ready barges in the company’s fleet will increase to four.

“We strongly believe in a multi-energy future and are dedicated to staying ahead of the curve with the latest developments and technological innovations in the shipping industry,” it added. 

Manifold Times previously reported Fratelli Cosulich placing an order for two advanced methanol-ready chemical bunkering tankers with the same shipbuilder.

The company ordered its first methanol dual-fuelled chemical bunker tanker on 15 December 2023.  The vessel will be delivered in the last quarter of 2025 and will be located at the Port of Singapore under a contract with global commodities trader Trafigura.

Related: Fratelli Cosulich orders its first methanol dual-fuelled bunker tanker to serve Singapore
Related: Steel cutting begins on Fratelli Cosulich methanol dual-fuel bunker tanker
Related: Fratelli Cosulich orders two methanol-ready chemical bunker tankers

Photo credit: Scott Graham on Unsplash
Published: 21 January, 2025