Methanex Corporation and Mitsui O.S.K. Lines, Ltd. announced the completion of the previously announced strategic partnership involving Methanex’s Waterfront Shipping (WFS) subsidiary, according to the company's release.
Methanex has received proceeds of approximately US$145 million from MOL for a 40 percent minority interest in WFS. Methanex will retain the remaining 60 percent majority interest in WFS and continue to operate WFS as a key element of its global supply chain capabilities.
Methanol is a safe, proven, cost-competitive marine fuel for the commercial shipping industry that can meet current and future emissions regulations. Through this transaction, Methanex as the worldleading 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 commercialization of methanol, including renewable methanol, as a viable marine fuel.
About Methanex Corporation
Methanex is a Vancouver-based, publicly traded company and is the world's largest producer and supplier of methanol to major international markets. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX" and on the NASDAQ Global Market in the United States under the trading symbol "MEOH”.
About Waterfront Shipping
Waterfront Shipping, a subsidiary of Methanex Corporation, is a global marine transportation company specializing in the safe, responsible and reliable transport of bulk chemicals and clean petroleum products to major international markets in North America, Asia Pacific, Europe and Latin America. Waterfront Shipping operates the world's largest methanol ocean tanker fleet with its fleet comprising vessels from 3,000 to 50,000 deadweight tonnes. Its fleet of approximately 30 modern, deep sea tankers forms a seamless transportation network dedicated to keeping an uninterrupted flow of methanol moving to storage terminals and customers' plant sites around the world.