Japan-headed shipping major Mitsui O.S.K. Lines Ltd (MOL) has announced that on November 4, 2021, the methanol carrier "Capilano Sun", which can run on either heavy fuel oil (HFO) or methanol fuel, was delivered at Hyundai Mipo Dockyard in Ulsan, South Korea. The vessel will be chartered from Hisafuku Kisen K.K., and Canada-headed Waterfront Shipping Company Ltd (WFS) will charter the vessel from MOL under a long-term contract.
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MOL is one of the largest operators for methanol carriers, operating 18 vessels – including “Capilano Sun” – and in 2016, started owning and operating dual-fuel vessels that can run on methanol fuel.
Currently, MOL operates 4 of the 13 methanol dual-fuel tankers in service around the world. Furthermore, Methanex Corporation (Methanex) and MOL have concluded definitive agreements for Methanex and MOL to establish a strategic partnership involving Methanex’s Waterfront Shipping (WFS) subsidiary.
The definitive agreements are consistent with the previously announced Key Commercial Terms, with MOL acquiring a 40 percent minority interest for US$145 million.
According to MOL, these methanol dual-fuel vessels can reduce emissions of sulphur oxides (SOx) by up to 99 percent, particulate matter (PM) by up to 95 percent, nitrogen oxides (NOx) by up to 80 percent, and carbon dioxide (CO2) by up to 15 percent, compared to vessels using conventional fuel oil.
The “Capilano Sun” is the most advanced low-emission vessel, which adopts an advanced technology that adjusts the combustion temperature by mixing water into methanol fuel and can meet Tier 3 NOx regulations without a scrubber.
In the future, duel fuel methanol carriers can become an “environmental circulation-type business” by using renewable methanol, reducing net CO2 emissions further compared to conventional methanol.
Methanol synthesized from CO2 from carbon capture, and green hydrogen derived from renewable resource-based electricity such as offshore wind power and wave power is something MOL is looking into.
