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Waterfront Shipping Company receives two methanol-fuelled newbuilds

22 Aug 2019

Waterfront Shipping Company Ltd., a wholly owned subsidiary of Methanex Corporation, and Marinvest/Skagerack Invest (Marinvest) on Tuesday (20 August) welcomed two second generation methanol-fuelled vessels to its fleet.

The M/T Mari Couva and M/T Mari Kokako are 49,000 dwt vessels built with the second generation of MAN B&W ME-LGIM two stroke dual-fuel engines that can run on both methanol and conventional marine fuels.

The newbuildings join the seven existing methanol-fuelled vessels chartered by Waterfront Shipping.

“We are very excited by the performance of our first seven methanol-fuelled vessels that have proven the safety and reliability of the technology,” said Paul Hexter, President, Waterfront Shipping Ltd.

“With this second generation of vessels, we will benefit from innovative technological advances that will continue to optimize performance and efficiency.

“On an energy-equivalent basis, methanol is cost competitive over energy price cycles and we see significant value creation opportunities from using a methanol flex-fuel engine.

“We are proud that approximately 40% of our fleet will be powered by methanol-fuel technology by the end of the year.” 

The two new vessels, a joint venture between Waterfront Shipping and Marinvest, were built in Korea at Hyundai Mipo Dockyard. Waterfront Shipping will charter the two vessels to replace older vessels.

A further two vessels, also powered by methanol, will be delivered to Waterfront Shipping before the end of 2019.

“Our first two methanol-powered ships were delivered in 2016, and each now has more than 10,000 successful running hours on methanol with no issues that have resulted in off-hire or idle time,” said Patrik Mossberg, Chairman, Marinvest.

“It is important that we share our experiences and make the industry aware that methanol is a well-proven, simple-to-adopt solution offering compliance with IMO 2020 regulations and provides a pathway to meeting IMO 2030 and 2050 CO2 emission targets.”  

Photo credit: Waterfront Shipping Company
Published: 22 August, 2019


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