The container ship Gunde Maersk docks at the Port of Oakland on June 24, 2024 in Oakland, California.
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Singapore-Danish shipping and logistics giant Maersk The latest dual-fuel methanol ship was launched in the Southeast Asian country on Thursday as the industry ramps up efforts to decarbonize.
The newly named AP Møller, 350 meters long, is part of Maersk’s growing fleet of vessels capable of running on methanol and conventional marine fuels.
Ditlev Blicher, president of Maersk Asia Pacific, said on CNBC’s “Squawk Box Asia” program that these ships represent the latest technology to prepare for the decarbonization of the shipping industry.
“(This technology) enables the industry to move from black fuels or fossil fuels to what we call e-methanol or green methanol, thereby significantly reducing the carbon emissions of normal shipping,” he said.
Maersk broadly defines green fuels as fuels that reduce greenhouse gas emissions by at least 65% during their life cycle compared to fossil reference fuels.
According to the agency, although methanol is primarily produced from fossil fuels, it can also be made from sustainable renewable energy sources. International Renewable Energy Agency.
Maersk said ships using green methanol could reduce CO2 emissions by up to 280 tonnes per day, making it a key step towards the company’s goal of net-zero emissions by 2040.
Green methanol also has lower sulfur content, reducing emissions of sulfur oxides that cause air pollution and acid rain, According to the World Economic Forum.
Blicher said the AP Møller is the ninth of 25 dual-fuel ship orders that Maersk plans to complete in 2027.
According to the company, replacing just 12 “normal” ships with ones running on green methanol could reduce CO2 emissions by 1.5 million tons – almost twice the CO2 emissions of the city of Copenhagen in 2022.
The future of shipping?
As the world’s largest ocean carrier, Maersk is an important trendsetter in global trade, with many other companies following suit in adopting methanol.
Blicher said the industry as a whole has ordered about 170 dual-fuel methanol ships, helping to expand scale.
“Maersk, the industry and our customer base are driving and investing in this technology,” Blicher said, noting that customers are increasingly working towards their own decarbonization goals.
Still, while building economies of scale is crucial, he believes more will be needed to transition the industry away from black fuels because methanol is more expensive to produce.
Blicher expects that tipping of the scale will come from regulations curbing black fuel.
“We are discussing increasing the price of black fuel to ensure that the price of black fuel reflects its impact on the economy,” he said.
Singapore is the world’s largest refueling port, leading the way various initiatives Promote sustainable shipping.
In October, Maersk raised full year forecast The Red Sea disruption led to strong demand and higher prices after reporting strong third-quarter results. Revenue was $15.8 billion, up from $12.1 billion in the same period last year.
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