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MAERSK, the world's No 2 container carrier, is putting its money on methanol fuel that powers its 2,100-TEU feeder ship due to dock in Copenhagen mid-September after a 21,500-kilometre test run from South Korea, reports Melbourne's Australian Financial Review.
Maersk's big gamble in green shipping is beating others with a scarce methanol fuel, because it cannot wait for ships to be fuelled by ammonia, hydrogen or batteries.
But while methanol ships may be the most ready-to-hand, just how Maersk will find this fuel that few supply is unknown as decarbonises a quarter of its fleet by 2030 on the way to a 2040 net-zero target.
Said Maersk energy transition chief Morten Bo Christiansen: "We know it works. It's really this desire to just do something now. Of course it comes at a cost - nothing is for free."
Because the fuel tank isn't the same, there is less cargo space. As methanol has only half the energy density of oil, the ship needs to carry about 10 to 12 per cent more fuel than it would otherwise.
Plenty of shipyards are ready to start building methanol-powered vessels, and Maersk has ships on order from yards in both Korea and China.
But the supply of green methanol is next to non-existent. To be a net-zero, the fuel needs to be green, produced from biomass or renewable energy. Right now, though, the supply of green methanol is next to non-existent.
Maersk has knocked on the door of the big oil companies, but come away empty-handed. Smaller companies may be willing, but banks are less interested in funding an untested project in a non-commoditised market.
"Two years ago, there was one - the one that is coming to Copenhagen in September, sailing on green methanol. One year ago, there were around 30 ships on order. Now, there are more than 100," said Mr Christiansen.Mr Christiansen said a game changer would is a carbon tax. "We need a carbon tax plain and simple," he said, explaining that others must pay for what they do not want. Either that, or massive state subsidies. Mr Christiansen described the Biden administration's Inflation Reduction Act as "a complete game-changer.
https://www.shippingazette.com/menu.asp?encode=eng
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