Stamford Shipping, a Singapore-based shipowning, commercial, and investment management group, and Copenhagen-based Green Marine Group have entered into a joint venture to explore investment opportunities in methanol-powered Ships, according to Offshore Energy.
The JV sets out on a mission to build and manage, both commercially and technically, methanol dual fuel propulsion vessels across multiple market segments. The decision is being ascribed to the maturity of methanol as a marine fuel that already brings environmental benefits as demand for it scales up.
As such, the duo believes that the development of methanol propulsion engines provides an excellent opportunity to invest in ‘commercially viable sustainable shipping’.
Chris Chatterton, Chief Commercial Officer, The Methanol Institute, believes that the joint venture recognises that methanol has achieved a high level of market acceptance among shipowners and operators who can draw on technical and operational expertise to support their investments in sustainable shipping.
The Methanol Institute plans to continue to support its members and all parties who wish to engage in the decarbonization process and understand what methanol can bring to them, Chatterton added.