Methanol-fueling pioneer Marinvest acquired by new JVWritten by Nick Blenkey
Clean Sea Transport has acquired 100% of the shares in Marinvest AB and its managed fleet of five modern dual-fuel methanol carriers and four LR1 ice class 1A product tankers. The methanol carriers are on long term charters of up to 15 years to a Marinvest joint venture partner, Waterfront Shipping Limited, a subsidiary of Methanex Corporation, the world’s largest producer of methanol.
Based in Gothenburg, Sweden, Marinvest is a shipping company founded in 1988 by the late Lars Mossberg, an innovator in the shipping sector who developed and managed one of the world’s first methanol-powered commercial vessels.
Clean Sea Transport is a joint venture between MSEA Group, Arkview Capital, and Scorpio Tankers (NYSE:STNG).
“We are very excited about the acquisition of Marinvest, the world’s pioneer in building and operating eco-friendly methanol-fueled vessels,” says Modi Mano, Founder & CEO of MSEA Group. “We believe that methanol, which reduces emissions by up to 95%, is a marine fuel for the future as evidenced by the increasing number of orders placed for methanol dual-fuel vessels. Together with the Marinvest team, we intend to be at the forefront of the shipping industry’s transition to clean fuels. Our platform will offer charterers and customers access to future-proof tonnage in the tanker, container, and dry bulk segments. The inclusion of four LR1 product tankers in the fleet underpins our counter cyclical tanker investment strategy.” says Modi Mano, Founder & CEO of MSEA Group.
“Shipping continues to be an important part of the global supply chain infrastructure, responsible for transporting over 80% of goods worldwide,” says Pavel Chernyshov, Co-founder of Arkview Capital. “Our investment in Marinvest will promote the use of clean fuels to significantly reduce the emissions footprint of the shipping industry and key customers. With only a fraction of the ocean-going fleet using clean fuels today, we believe there is a great opportunity for growth to meet the industry’s goal of significantly reducing emissions by 2050.”
“We take great pride in what we, together with our partners Waterfront Shipping, have achieved in terms of building the world’s first methanol dual-fuel fleet. Since we took delivery of our first two dual-fuel methanol ships in 2016, we have expanded the fleet to a total of five vessels and continue to be a leading expert and operator using this technology. The sale to Clean Sea Transport will ensure sufficient capital backing to grow our methanol-fueled fleet using our competence and expertise, while servicing new and existing customers,” says Patrik Mossberg, CEO of Marinvest.