Bunker market disruptor responds to higher levels of enquiry from shipowners for access to clean, compliant marine fuel

Singapore and Bergen, Norway, 10 February 2021. Shipowners will have increased access to clean, compliant and sustainable marine fuel from today as Methanol goes live on the Powerzeek Energy Platform. The listing of Methanol will happen with support of the Methanol Institute and endorsement from major Methanol producers on its Marine Fuels Committee.

Powerzeek is an independent platform and online marketplace that makes it easier for marine and land-based transport companies to find and buy cleaner fuels at the best available price.

A growing number of enquiries from shipowners wanting to know more about Methanol as an efficient, compliant marine fuel has prompted Powerzeek to list Methanol, which has been shown to contribute to a reduction in CO₂ emissions on a tank to wake basis.

Methanol has a pathway to full sustainability in renewable form, produced from multiple sources including surplus electricity, municipal solid waste and direct air capture of carbon.

“The positive response to Powerzeek told us that there is unmet demand for cleaner fuels in shipping and that they need to be easier to buy to support the industry’s transition towards low carbon operations,” says Dag Lilletvedt, founder and CEO of Powerzeek. “Methanol has emerged as a fuel with a future in shipping and we are delighted to add it to the marketplace and expand the range of cleaner products we can offer to buyers.”

In November 2020, IMO’s Maritime Safety Committee adopted interim guidelines on the use of Methanol as a marine fuel, enshrining ethyl and methyl alcohols as options for marine fuel; a milestone the MI believes will be catalyst for more ship operators to consider Methanol as a low carbon compliance option.

“Methanol’s inclusion on the Powerzeek platform recognises the strong indication of building demand for methanol as a compliant bunker fuel with significant net carbon neutral credentials and regulatory acceptance,” says Chris Chatterton, Chief Operating Officer, The Methanol Institute. “Methanol is seen as a credible and cost effective way to not only meet, but exceed IMO GHG reduction thresholds, now and in the future.” 

12 Methanol powered ships constructed to equivalent class and flag rules are already in operation with another 10 on order and inclusion in the Code should shorten the time to approval and even lower the cost of constructing tankers, bulkers and containerships using Methanol as fuel.

The first bunkering Technical Reference for Methanol was published in 2020 by Lloyd’s Register and fuel suppliers are gearing up to increase capacity for Methanol bunkering volumes.