A coalition of Hyundai Mipo Dockyard, MAN Energy Solutions and the Methanol Institute have commenced a project that will enable product tanker charterers and shipowners to utilise methanol as fuel.
The parties will work together to develop a design that meets all prevailing safety requirements with minimal loss of cargo capacity and low additional build costs.
The resulting design – Low Emission Advanced Products Tanker (LEAP) – has been granted Approval in Principle by classification society DNV GL. The vessel will have a service speed of 14.5 knots and effective range of 17,400 nautical miles using methanol as primary fuel and an effective range of 21,900 nautical miles using very low sulfur fuel oil (VLSFO).
“HMD is pleased to have provided initial and detailed design for the LEAP vessel design using the experience accumulated from successful dual fuel methanol carriers for numerous international owners. This design results in estimated cargo loss of 0.5% for a low construction premium, providing shipowners with the ability to build a low emissions vessel today,” said YH Chung, Head of Initial Design Department, Hyundai Mipo Dockyard.
The Methanol Institute believes the next few years will be crucial ones for the adoption of fuels that can begin to have an impact on global carbon emissions from shipping. Huge investment will be required to produce renewable fuels and owners may have to demonstrate that they have taken steps to address their environmental performance in order to access fresh capital in future.
“This vessel design demonstrates that newbuild or conversion can be straightforward and cost effective and extends the trading life of the asset as it can use renewable Methanol as more becomes available,” said Chris Chatterton, chief operating officer of The Methanol Institute.