Waterfront Shipping orders 8 methanol dual-fuel ships from Hyundai Mipo Dockyard

Canada-based Waterfront Shipping Company (WFS), a wholly-owned subsidiary of Methanex Corporation, has placed an order for eight new methanol dual-fuel vessels with South Korean shipbuilder Hyundai Mipo Dockyard.

M/T Mari Couva Methanol Dual Fuel Vessel
M/T Mari Couva Methanol Dual Fuel Vessel; Image by Waterfront Shipping

The vessels will add to WFS’s existing fleet of 11 methanol-fuelled ships, which have been recognized by the marine industry for their use of clean-burning methanol as a lower emission fuel. 

The eight, 49,999 deadweight tonne vessels are slated for delivery between 2021 and 2023. Designed with the MAN second-generation B&W ME-LGIM two-stroke dual-fuel engines, the vessels can run on methanol or traditional marine fuels allowing for fuel flexibility.

“Having surpassed more than 90,000 combined operating hours, the vessels have proven methanol as a viable marine fuel solution; it’s compliant with the most stringent emissions regulations without the need for exhaust gas after-treatment and meets IMO Tier III NOx emissions standards. As a marine fuel, methanol also reduces in-sector CO2 emissions by up to 15% when compared to conventional marine fuels,” Waterfront Shipping said.

The deal is being carried out in partnership with Marinvest/Skagerack Invest (Marinvest), Nippon Yusen Kaisha (NYK), Meiji Shipping Co., (Meiji Shipping), KSS Line and Mitsui O.S.K. Lines (MOL).

NYK Bulkship (Asia) Pte, an NYK Group company based in Singapore, revealed that it had signed a long-term time charter contract with Waterfront Shipping for two of the new chemical carriers.

Both vessels will be managed by the NYK Group company NYK Shipmanagement Pte.

Subsequent to the first such ship delivered in 2019, the new ships will be the second and third methanol carriers under the management of NYKSM to be equipped with dual-fuel engines. 

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“We are proud that approximately 60 percent of our 30-ship fleet will be powered by lower emission, methanol-fuel technology upon delivery of this latest order,” said Paul Hexter, President, Waterfront Shipping Ltd. 

“Having operated methanol-fuelled vessels for over four years now, we know that methanol is a practical, cost-competitive and safe marine fuel for the commercial shipping industry in the post-IMO 2020 marketplace.”

Methanol is one of the world’s most widely traded chemicals, according to the World’s Top Chemical Tanker Trade Routes 2019, and is readily available at almost 90 of the top 100 ports worldwide.

As a liquid fuel, established bunkering infrastructure for traditional marine fuels can easily be converted to use methanol. The IMO estimates that methanol will be  the fourth most significant marine fuel used and is growing.” 

Waterfront Shipping operates a fleet of 30 deep-sea tankers.