S&P Global Platts is set to roll out daily European methanol bunker fuel price assessments from the end of September and is considering introducing the same service in Asia and the Americas, recognising a growing market demand on the back of an increased build-out of vessels utilising methanol as a marine fuel.
It would initially reflect the value of methanol used as a marine fuel at the port of Rotterdam, from September 27. The plan is to publish the assessments in $/mt delivered Rotterdam. Platts said it may consider the prevailing tradable value of methanol bunker fuel on a barge-to-ship or truck-to-ship basis and may take into consideration other local methanol bunkering hubs in determining the assessment.
The methanol bunker fuel assessment flat price would include the logistics costs from the terminal to the barge or truck, and charges for delivery direct to the receiving vessel. Platts is additionally looking to publish methanol bunker fuel calculations converted to LNG and oil energy content equivalents a well as daily cost comparisons for alternative marine fuels.
The methanol bunker fuel assessments will be published in its petrochemical alert with the cost comparisons featuring in bunker fuel publications.
There are 12 methanol-fuelled ships currently operating, with at least that many more scheduled for delivery over the next 18 months, not counting the recent Maersk order, Chris Chatterton, chief operating officer at the Methanol Institute, told Platts.
Maersk’s eight 16,000 teu vessels, due for delivery in the first quarter of 2024, “imply an annual demand of 300,000-360,000 mt of renewably-sourced methanol, depending on factors like deployment and operational requirements.”. Maersk also has the option of ordering an additional four ships to deliver in 2025.