Japanese shipping firm Mitsui O.S.K. Lines, Ltd. (MOL) on Tuesday (1 February) completed its 40% acquisition of Methanex Corporation subsidiary Waterfront Shipping (WFS) for approximately USD 145 million.
“Through this transaction, Methanex as the world leading methanol producer, WFS as the world’s leading methanol shipper, and MOL as the provider of multimodal shipping services will strengthen a relationship established over 30 years and advance the commercialisation of methanol, including renewable methanol, as a viable marine fuel,” they said in a joint statement.
As a marine fuel, methanol can reduce sulphur oxides (SOx) emissions by up to 99%, particulate matter (PM) emissions by up to 95%, nitrogen oxides (NOx) by up to 80%, and CO2 emissions by up to 15% during combustion compared to conventional marine fuels.
Further, methanol produced from renewable sources can reduce CO2 emissions by up to 95%.
Methanex will retain the remaining 60% majority interest in WFS and continue to operate WFS as a key element of its global supply chain capabilities.
MOL and Methanex were discussing the establishment of a strategic partnership involving WFS since July 2021.
Photo credit: Methanex Corporation
Published: 3 February, 2022
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