New Singapore Company foray into methanol-powered ships for investment opportunities

  • November 23, 2023
  • News

Singapore-based Stamford Ship Management and Green Marine Copenhagen (Methanol Propulsion Specialist) have come together to build viable methanol dual-fuel propulsion vessels. Singapore has been chosen as the ideal location for anchoring ship-owning and ship-management platforms as it is the world’s top bunkering hub. The infrastructure in Singapore is impeccable for shipping’s future fuel mix where methanol will be the prime alternative fuel after LNG.

Teo Eng Dih, CEO of the Maritime and Port Authority of Singapore said that the joint venture has been highly appreciated as it will enable investment opportunities and manage methanol-related propulsion vessels. This will help support the maritime decarbonisation efforts and will be a value add to Singapore’s multi-fuel bunkering capability.

Other local firms are also looking to sign contracts with countries like China to build shipyards and bunkering vessels in the final quarter of this year. Another bunker supplier, Golden Island Diesel Oil Trading, is planning to order a tanker up to 12,000 dwt in size for delivery in 2026.