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SHIPPING companies are commissioning methanol-powered vessels to cut down on greenhouse gas emissions, reports Reuters.
However, industry leaders note that it will take a considerable amount of time for the production of renewable methanol to catch up with the demand, and for the associated costs to decrease.
In a significant milestone, the first container ship fueled by green methanol, under the ownership of AP Moller-Maersk, embarked on its voyage from South Korea in July.
Projections from the consultancy firm DNV indicate that the count of such ships will rise to over 200 by 2028, a notable increase from the current count of 30 this year.
Prominent players in the container shipping sector, including Maersk, CMA CGM, and XpressFeeders, are at the forefront of this trend.
These companies handle the transportation of consumer goods for major brands like Apple, Nike, Adidas, and Walmart.
They are placing their bets on methanol, while also exploring less established options like ammonia to align with their emission reduction targets and those of their clients.
According to Maersk, ships powered by methanol, offering the flexibility of dual-fuel usage, are initially about 10 per cent to 12 per cent more expensive than conventional vessels.
Nonetheless, this cost disparity is anticipated to diminish over time as developers achieve economies of scale.
Despite these efforts, challenges persist in ensuring an adequate fuel supply, and eliminating emissions remains a formidable task.
"The real cost challenge remains on the fuel supply side and the need to rapidly build production globally and at scale; and the associated fuel infrastructure," said Maersk energy head Emma Mazhari.
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