Trafigura charters in methanol-fueled products tanker

Trafigura is to time charter third-generation methanol dual-fuel products tanker Mari Innovator [Image: Waterfront Shipping]

Methanol, whether green or not, continues to make inroads as a marine fuel. Now Waterfront Shipping, a subsidiary of Methanex, the world’s largest producer and supplier of methanol, has entered into a time-charter agreement with Trafigura, one of the world’s largest physical commodity trading groups and ship charterers. Under the agreement, Trafigura will operate the methanol dual-fueled medium-range product tanker, Mari Innovator, co-owned by Waterfront Shipping and Clean Sea, as part of its global network of vessels used on clean products trading routes.

“We’re pleased to partner with Trafigura to share our global experience and knowledge with operating and bunkering vessels using methanol fuel technology,” said Paul Hexter, President of Waterfront Shipping. “Trafigura plays a vital leadership role in the energy transition and for it to recognize that methanol marine fuel offers a clear pathway towards a low carbon shipping industry will help build the platform to drive change.”

Waterfront Shipping is the world’s largest operator of methanol dual-fuel vessels and has accumulated over 123,000 operating hours using methanol as a marine fuel. Today, Waterfront Shipping has 18 methanol dual-fuel vessels, with one additional vessel arriving by the spring of 2023, representing approximately 60% of its 30-vessel fleet.

Trafigura’s shipping and chartering operations are managed from key regional hubs in Athens, Geneva, Houston, Lima, Montevideo and Singapore, providing 24/7 coverage of freight and physical commodity markets.

“We’re advocating for industry-wide action on shipping emissions and investing in new technologies and vessels to help achieve a more sustainable shipping industry,” said Andrea Olivi, head of wet freight for Trafigura. “We’re excited about the cooperation with Waterfront Shipping and Clean Sea as we explore and learn also how methanol technology can integrate with our fleet to achieve our carbon intensity reduction goal of 25% by 2030 across our entire chartering operation.”

Modi Mano, CEO at Clean Sea Transport, said, “The Mari Innovator is our third-generation dual-fuel vessel and offers a number of advantages to Trafigura including the flexibility to diversify fuel options or consume methanol for potential cost savings. It is equipped with the latest technological innovations and fuel consumption is particularly low for a medium-range tanker.”