MOL orders 4 methanol carriers from Methanol Holdings (Trinidad) Limited

By Finance

Mitsui O.S.K. Lines, Ltd. (MOL) has signed a deal with Methanol Holdings (Trinidad) Limited (MHTL) for the construction and chartering 4 methanol carriers. With this step MOL hopes to fulfill its plan to strengthen long-term business and to renew its methanol fleet. Old vessels must be replaced with new ones, having new design and efficiency.

Global trend for using more methanol gives Mitsui O.S.K. Lines, Ltd. a chance for expansion of its business to meet the new needs of customers. MOL, worldwide leader in methanol transport, hopes to achieve this with the help of the rich experience and know-how of the company.

Shipping industry nowadays is facing many problems, one of them is to meet the new regulations for exhaust gas emissions. Ships are one of the biggest sources of sulphur oxide (SO2) and nitrogen oxide (NO2) emissions. There is a need for a quick decision of this environmental problem for reducing the emissions. There are several ways to do that:

  1. Using low-sulphur fuels
  2. Installing exhaust after-treatment devices, e.g. scrubbers
  3. Using natural gas

What about methanol as a fuel?

Methanol - the first advantage of this fuel is that it does not contain sulphur. The substance is known for its lower exhaust and harmful emissions compared to the other used by the vessels fuels. This fuel is widely available and easy for transportation. Methanol is cheaper than the marine distillate fuel based on energy content. Shipping can use the "green" methanol when it is more widely available. 

Methanol Holdings (Trinidad) Limited

The company is known as one of the leaders as a global producer of Methanol, UAN (32% N), Melamine and Ammonia. The company has 4.1 million MTPY of methanol capacity in Trinidad and an indirect 60% shareholding interest in the Oman Methanol Company.