Japan's MOL picks up 40% stake in Waterfront Shipping
Japanese shipping company Mitsui OSK Lines (MOL) has acquired a 40% stake in Waterfront Shipping (WFS), a unit of Canadian methanol producer Methanex Corp, MOL and Methanex said in a joint statement issued on July 15.
“Through this transaction, Methanex, WFS and MOL will establish a strategic partnership, which will enable Methanex and WFS to benefit from MOL’s broad shipping experience to further strengthen its already excellent shipping operations and capabilities,” the companies said.
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“With Methanex as the world-leading methanol producer, WFS as the world’s leading methanol shipper, and MOL’s vast shipping experience, the parties intend to advance the commercialisation of methanol, including renewable methanol, as a viable marine fuel,” they added.
Tokyo-based MOL is one of the largest shipping companies in the world. Its fleet includes dry cargo ships, LNG carriers, tankers, container ships, and container terminals. Its LNG tanker fleet includes the Arc-7 ice-breaking tankers used for the Yamal LNG project in Russia's far north.
The companies said that methanol is a safe, proven, cost-competitive marine fuel for the commercial shipping industry that can meet current and future emissions regulations. Methanol as a marine fuel can reduce sulphur oxides by up to 99%, particulate matter emissions by up to 95%, and nitrogen oxides by up to 80% compared to conventional marine fuels, they added.