Methanol Carrier News

An easing of chemical tanker earnings in Q2 has not discouraged owners tempted to place newbuilding orders. After a period of extremely strong vessel earnings and asset valuations, an unwinding of the support that created the earnings boom has seen spot and time charter rates fall from their highs, though still remain at elevated levels.This bifurcation of the market has seen owners tempted back to the shipyards with ordering picking up steadily from Q1 and into Q2, reports MSI in its Chemical Tankers Q2 2023 report.

According to the latest figures from DNV’s Alternative Fuels Insight (AFI) platform, 55 vessels with alternative fuel propulsion were ordered in June.Of these 26 were orders for LNG fuelled vessels and 29 for methanol powered vessels (including retrofits). So far this year the total order figure for alternative fuel vessels stands at 128. The container segment continues to be the main driver of growth in orders for alternative fuel vessels.Container vessels constituted almost half on the LNG fuelled ships ordered last month, bringing the total for LNG fuelled container vessels over 250.

Long-term MAN Energy Solutions licensee Mitsui E&S Machinery has won another contract to supply the individual MAN B&W 6G50ME-LGIM (-Liquid Gas Injection Methanol) engine for a 65,700 dwt bulk carrier slated for construction at Tsuneishi Shipbuilding Co., Ltd. The vessel represents the latest methanol-fueled engine ordered by the bulk carrier segment in recent weeks.Sachio Okumura, Representative Director and President & Executive Officer of Tsuneishi Shipbuilding, said, “For Tsuneishi Shipbuilding…

South Korea's Hyundai Mipo Dockyard has delivered the dual-fuel methanol carrier Capilano Sun, Japanese Mitsui O.S.K. Lines, (MOL) has informed.MOL said that the vessel, which can run on either heavy oil or methanol fuel, would be chartered from Hisafuku Kisen K.K., and then, Canada-based Waterfront Shipping Company (WFS) will charter the vessel from MOL under a long-term contract.Including Capilano Sun, MOL operates 18 methanol carriers. It also operates four of the 13 methanol dual-fuel tankers in service around the world.Per MOL…

Marubeni Corporation and Mitsui O.S.K. Lines, Ltd. (MOL) are working together to develop a dual-fuel methanol/very-low sulfur fuel oil powered vessel to ship methanol from Russia.On September3, during the Eastern Economic Forum in Vladivostok, Russia, the Japanese firms signed a memorandum of understanding (MOU) with the Ministry of the Russian Federation for Development of the Far East and the Arctic Regions, State Development Corporation VEB.RF, VTB Bank and ESN Limited Liability Company (ESN Group) to commence a joint study to build…

Nippon Yusen Kaisha (NYK Group) has taken delivery of Takaroa Sun, a methanol carrier equipped with two-stroke dual-fuel engine tech that allows the vessel to be powered by methanol. Built in South Korea at Hyundai MIPO Dockyard, the new ship was funded through NYK’s green financing initiative established to support environment-friendly projects.Takaroa Sun was built with the MAN Energy Solutions second-generation B&W ME-LGIM two-stroke dual-fuel engine that runs on both methanol and conventional marine fuel.

Switzerland's Proman Shipping and Mitsui O.S.K. Lines(MOL) announced that  a naming ceremony for a newbuilding Methanol Carrier for Proman Shipping was held at the Hyundai Mipo Drydock (HMD) in Korea.The vessel was named the CASTARA by Methanol Holdings (Trinidad) Limited. (MHTL) CEO Dennis Patrick. MHTL and Proman Shipping are subsidiaries of the Proman Group.The CASTARA will be the most eco-friendly and fuel-efficient vessel in Proman Shipping’s expanding fleet.David Cassidy, Chief Executive of Proman Group said, “The CASTARA is Proman Shipping’s first 50,000 DWT vessel and will become the largest vessel in the Proman Shipping fleet. This milestone is testament to our valued and long-term partnership with MOL.

Mitsui O.S.K. Lines, Ltd. announced that it has started a demonstration test of a next-generation condition-based engine monitoring system called “CMAXS e-GICSX” (electronic Global Internet Customer Support neXt)  aboard the recently delivered methanol carrier MAYARO. MOL is conducting the test in cooperation with Nippon Kaiji Kyokai (ClassNK; Chairman and President: Noboru Ueda; Headquarters: Chiyoda-ku, Tokyo), Mitsui Engineering & Shipbuilding Co., Ltd. (MES; President: Takao Tanaka; Headquarters: Chuo-ku, Tokyo), and MES Technoservice Co., Ltd. (Managing Director: Shinichi Fukuda; Headquarters: Tamano-shi, Okayama). The system relies on early detection of abnormalities in the electronically controlled engine to ensure correct preventive maintenance and reduce life cycle costs.

Mitsui O.S.K. Lines, Ltd. today announced that it has started a demonstration test of a next-generation condition-based engine monitoring system called “CMAXS e-GICSX” (electronic Global Internet Customer Support neXt)(*1) aboard the recently delivered methanol carrier MAYARO. MOL is conducting the test in cooperation with Nippon KaijiKyokai  Mitsui Engineering & Shipbuilding Co., Ltd. and MES Technoservice Co., Ltd. The system relies on early detection of abnormalities in the electronically controlled engine to ensure correct preventive maintenance and reduce life cycle costs. MOL centrally collects big data gathered from its operated vessels…

Mitsui O.S.K. Lines, Ltd. (MOL) say they have received a newbuilding charter contract for two methanol carriers from Atlantic Methanol Production Company LLC (AMPCO) based on an offer tendered in 2013. The vessels will be built at Minaminippon Shipbuilding Co., Ltd. The ships will operate under a long-term charter and the new contract will play a vital role in MOL's strategy of strengthening long-term business. AMPCO, based in Equatorial Guinea, is a leading methanol producer…

Mitsui O.S.K. Lines, Ltd. (MOL) says it has signed a contract with Methanol Holdings (Trinidad) Limited (MHTL) to build and charter four methanol carriers. MOL consider that the new contracts will play an essential part in MOL's strategy to strengthen long-term business, as well as enabling the company to renew its methanol fleet by replacing older vessels with ships featuring the most advanced designs. Global demand for methanol is expected to grow and MOL will continue expanding its services to meet the needs of a broad range of customers…

Mitsui O.S.K. Lines, Ltd. Transferred sales and vessel operations of the dry bulker fleet (over 130 vessels) to Singapore to advance business expansion. ¥101.5 billion was allocated as cost of BSR during the fourth quarter of FY2012. Set forth the target of absolutely achieving profitability in FY2013 in the single-year management plan “RISE 2013”, and carried forward business model reforms (accumulating stable profits, scaling down free fleet). Participated in deepwater FPSO chartering project for T.E.N.

Vancouver-based Waterfront Shipping has confirmed its Methanol Carrier Project for a series of 50,000-dwt methanol carriers, each powered by an MAN B&W ME-LGI main engine running on methanol. The confirmation stems from a Letter of Intent MAN Diesel & Turbo and Waterfront signed in July of this year. MAN Diesel & Turbo officially designates the ME-LGI engine as ME-B9.3-LGI. In collaboration with leading shipping lines, Waterfront reports that it is behind the 2+1 × 6G50ME-LGI engines ordered by Westfal-Larsen, the 2+1 × 7S50ME-B9.3-LGI by Mitsui O.S.K. Lines (MOL), and the 1+1+1 × 6G50ME-LGI with Marinvest/Skagerack Invest. Hyundai Mipo Dockyard Co., Ltd.