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Methanol Institute: ‘Plausible’ business opportunity, lower barriers to entry for methanol bunkering first movers

Discussions around the need to develop methanol bunkering operations are taking place at numerous ports ahead of estimated demand of above 7M mtpa by 2030, says Chris Chatterton of Methanol Institute.
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Credible business opportunities are available for ‘first movers’ of methanol bunkering due to expected deliveries of methanol-fuelled vessels from 2024, states the Chief Operating Officer at Methanol Institute.

Front view of methanol bunkering pump room with vapour recovery tank Stena Germanica
Front view of methanol bunkering pump room with vapour recovery tank – Stena Germanica

‘With a number of methanol dual-fuel vessels expected to come into service within the next 12 to 16 months, we are expecting physical bunkering opportunities of up to an estimated one million metric tonnes of methanol per annum,” Chris Chatterton told bunkering publication Manifold Times.

“However, currently, approved commercial facilities for methanol bunkering are limited at any of the major ports for any of these newbuilds to refuel.”

According to Chatterton, the lack of methanol bunkering capacity was partly due to methanol dual-fuel vessel owners not having announced where they would choose to safely bunker methanol and what specification of methanol (conventional, lower carbon, or carbon neutral).

The group is still deciding on where to source the material, how to ensure its efficient transportation into the declared port as a bunker fuel, and at a price which supports the business case for switching fuels – allowing them to remain competitive while reducing emissions.

Conventional methanol as a product, based on natural gas, which significantly reduces PM, SOx and NOx, in addition to lowering CO2 by up to 15%, is meanwhile widely available at over 100 international ports due to its legacy as a petrochemical feedstock.

“Sheer availability of methanol is extremely high. Unfortunately, ‘formally approved’ physical delivery mechanisms of methanol as a bunker fuel, with the exception of Rotterdam and Gothenburg ports, is presently very limited, but expected to change very soon,” he explained.

For example, the Stena Germannica which has been bunkered shore-to-ship since about 2015 without incident very recently began STS bunkering under operations by Methanex, the Port of Gothenburg and tanker operator E&S.

Many methanol, dual-fuel product carriers, such as those of Waterfront Shipping, have been involved with ship-to-ship transfers of methanol as a fuel for some time – since 2016; bunkering methanol in Ulsan, New Plymouth, Geismar, Trinidad, Punta Arenas, Houston, Rotterdam, Onsan and Taicang, to name a few. Proman has also begun bunkering their dual-fuel product carriers in a similar fashion.

“The expected demand is already there, based on the number of dual-fuel methanol vessels on order, so it’s really a situation of bunkering agents and vessel operators coming together to collaborate on how to secure and store methanol bunkers with an appropriate specification and safely transfer them,” he stated.

“The opportunity is out there.”

Methanol Institute, which serves as the trade association for the global methanol industry, estimates low barriers of entry for a bunkering firm to start methanol marine refuelling operations, compared to other alternative fuels.

Rear view of methanol bunkering pump room complete with low flash point fit for purpose vapour and flame detection technology as well as circuit breakers Stena Germanica
Rear view of methanol bunkering pump room complete with low flash point, “fit for purpose” vapour and flame detection technology as well as circuit breakers – Stena Germanica

“Estimates to convert an 8,000 to 10,000 dwt bunkering vessel for methanol bunkering have been pegged at less than EUR 100,000 (USD 108,000),” highlighted Chatterton.

“It’s not as much of a financial commitment to get involved, at least in comparison to other, alternative fuels. Safe handling of methanol is well understood, as a liquid at ambient temperature, with formal training programs readily available.

“Most existing bunkering firms can compete in this market with some training, best practice transfer and minimal investment. After which, coordinating with the local port authority to allow for safe methanol bunkering and then following locally approved guidelines to ensure incident-free bunkering services is critical.”

Related: Methanol Institute: ‘Turning point’ for methanol as bunker fuel reached with A.P. Moller – Maersk leading change
Related: MAN ES: Methanol expected to take up to 30% of dual fuel engine orders in a few years
Related: World-unique methanol bunkering operation carried out in the Port of Gothenburg
Related: SNIC 2022: Kenoil shares green methanol bunkering endeavour and firm’s contribution to supply value chain
Related: Maersk makes first green methanol investment of 2023 in tech start-up C1
Related: Maersk and Jordan government sign MoU to explore green methanol production
Related: Maersk and Spanish government to explore opportunities for large-scale green fuels production

Photo credit: Gothenburg Port Authority
Published: 1 February, 2023

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Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

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July 21, 2026

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RESIZED Sora Shimazaki on Pexels

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July). 

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions. 

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Related: Singapore: Hin Leong Founder OK Lim gets jail term slashed to 13.5 years

 

Photo credit: Sora Shimazaki
Published: 21 July, 2026

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Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

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July 21, 2026

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RESIZED Drew Beamer

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

  • That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

  • that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
  • that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
  • that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd. 

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Related: Singapore: Director declares Heng Tong Fuels & Shipping’s inability to continue business
Related: Heng Tong Fuels & Shipping in court over DBS Bank bunker tanker loan
Related: Singapore: Bunker tanker “Coastal Neptune” arrested
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market

 

Photo credit: Drew Beamer
Published: 21 July, 2026

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LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

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July 21, 2026

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PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions. 

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post. 

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024. 

 

Photo credit: Pacific International Lines
Published: 21 July, 2026

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