- Methanol Fuel in the Maritime Industry
Methanol has been identified as a promising
alternative fuel for the maritime industry to achieve the recently announced
IMO GHG target in 2050 and EU GHG target in 2050. Methanol is a clean-burning
fuel that emits less greenhouse gases, nitrogen oxides, and sulfur oxides
compared to conventional marine fuels. In addition, it is readily available and
can be produced from a variety of sources, including biomass, natural gas, and
coal. Several shipping companies have already
started using methanol as a fuel, with notable examples including Stena Line,
Waterfront Shipping, and NYK Line. Also, container ship operators such as A.P.
Moller ? Maersk, CMA CGM, HMM and etc… recently joined methanol powered group.
Methanol-powered vessels can be designed to use a dual-fuel system. The use of
methanol as a fuel has shown promising results in terms of reducing emissions
and improving energy efficiency.
- Methanol Fuel by Production
Methanol fuel can be classified into three
color categories based on their production method: Grey, Blue, and Green. Grey
methanol is produced from fossil fuels, while Blue methanol is produced from
fossil fuels with carbon capture and storage (CCS) technology. Green methanol
is produced from renewable sources such as biomass, wind, and solar energy.
Based on the current price of bunker fuel
and methanol(Bio/e-fuel) as a marine fuel, methanol is more expensive than
conventional bunker fuel. However, it is important to note that the use of
methanol as a marine fuel has several advantages over conventional bunker fuel,
including lower greenhouse gas emissions and reduced emissions of sulfur
oxides, nitrogen oxides, and particulate matter. The EU has introduced
penalties for high-emitting fuels in various sector of industry, which means
that the use of methanol as a marine fuel could become more economically viable
if the price drops to below specific fuel price. In terms of fuel price
forecast, it is difficult to predict the future price of bunker fuel and
methanol as a marine fuel. However, it is likely that the price of bunker fuel
will continue to be influenced by geopolitical factors, such as changes in oil production
and demand, while the price of methanol may be more influenced by the
development of production technologies and demand for low-carbon fuels. Overall,
the use of methanol as a marine fuel is one of a promising alternative to
conventional bunker fuel, especially considering the IMO and EU targets to
reduce greenhouse gas emissions from the shipping sector.
