New Singapore company launched to develop investment opportunities in methanol-powered ships

Methanol propulsion specialist Green Marine Copenhagen and Singapore-based Stamford Ship Management have formed a joint venture in Singapore with a mission to build and manage, both commercially and technically, methanol dual fuel propulsion vessels across multiple market segments. 

“We have identified Singapore as the ideal location for anchoring our methanol shipowning and shipmanagement 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,” said Morten Jacobsen, the founder of Green Marine.

Teo Eng Dih, chief executive of the Maritime and Port Authority of Singapore, said, “The Maritime and Port Authority of Singapore welcomes Stamford Shipping and Green Marine’s joint venture in Singapore which 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.”

Singapore, the world’s top bunkering hub, is getting the infrastructure in place for shipping’s future fuel mix where methanol will play a significant role. This year methanol has emerged as the second most popular alternative fuel in the global order book after LNG.

Local firm Consort Bunkers has recently contracted China Merchants Jinling Shipyard to build six 6,500 dwt methanol bunkering tankers while compatriot Global Energy Group is set to receive its first 4,000 dwt methanol bunkering vessel from Japan’s Sasaki Shipbuilding in the final quarter of this year. Another bunker supplier, Golden Island Diesel Oil Trading, is readying to order a methanol tanker up to 12,000 dwt in size for delivery in 2026.

Six companies, including Danish carrier Maersk, have formed a partnership that is building Asia’s first green e-methanol plant which converts captured biogenic carbon dioxide (CO2) into green e-methanol. The plant is being set up in Singapore with a minimum production capacity of 50,000 tons per annum.