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.
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’.
“We have identified Singapore as the ideal location for anchoring our methanol shipowning and ship management platform. Together with Stamford, we are already developing several newbuilding projects and we are excited as Green Marine further diversifies across the marine methanol spectrum,” Morten Jacobsen , Founder, Green Marine, said.
“This joint venture is one example of Stamford’s commitment to Singapore-based sustainable shipping and to be a leader in emissions management and reduction. Stamford’s commercial and fund management expertise combined with Green Marine’s unparalleled methanol knowledge will put us in a unique position to develop methanol-powered shipping projects beneficial to all stakeholders,” Oliver van der Wyck , Founder, Stamford Shipping, said.
Teo Eng Dih , Chief Executive, Maritime and Port Authority of Singapore, welcomed the joint venture on behalf of the port authority adding that Singapore will create investment opportunities and manage methanol-related propulsion vessels.
“There is potential for low-emission methanol to play a role especially when produced from biogenic or renewable sources. This will support the maritime decarbonisation efforts and add to Singapore’s multi-fuel bunkering capability. We look forward to working closely with Stamford Shipping and Green Marine and their new joint venture,” Dih added.
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.